Updated Aug 13, 2025
Clearline Real Estate Secures $89 Million Construction Loan From Bank OZK And PGIM In Miami
2000 North Miami Avenue
$89,000,000
Units
310
Asset Type
Development Site
Closing
Aug 11, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 2000 & 2010 North Miami Avenue and 2021 & 2025 Northwest Miami Court in the Miami market. The site spans 1.4 acres and will feature a 310-unit, 12-story construction project known as the 2000 Wynwood. The project will include 12,500 square feet of retail space and was acquired for $19.1 million in 2022.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $89,000,000
- Lender: Bank OZK & PGIM
- Loan Type: Construction & Mezzanine
- Landlord: Jenny Bernell - Clearline Real Estate
The transaction involves key individuals including Cathy Marcus, Jenny Bernell, and Raimondo Amabile, who played significant roles in securing the financing for the project. Jenny Bernell represents Clearline Real Estate in this loan agreement, which consists of $65.3 million from Bank OZK and $24 million from PGIM Real Estate.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93