Adam Neumann Secures $155 Million Loan For 466-Unit Flow House Condo Project In Miami

The property asset involved in this transaction is a development site located at 697 North Miami Avenue, encompassing 27 acres. The property is part of the Miami market, where a construction loan of $155,000,000 has been secured for a 466-unit condo project known as Flow House. This project comprises a 40-story tower, which has been transitioned from rental to condominium format and is anticipated to open later this year.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $155,000,000
• Lender: Eric Scheffler & Christopher Pardo - Invictus Real Estate Partners; Stephen Palmese - Integritas Capital
• Landlord: Adam Neumann - Flow Life
• Loan Type: Construction
• Market: Miami
• Address: 697 North Miami Avenue
• Number of Units: 466
• Building Height: 40 stories

Key individuals in the deal include Adam Neumann, who represents the landlord entity Flow Life, and the lenders, Eric Scheffler and Christopher Pardo of Invictus Real Estate Partners, along with Stephen Palmese from Integritas Capital. This funding marks a significant development for Neumann's Flow initiative, backed by Andreessen Horowitz.