C
learline Real Estate, led by Jenny Bernell, secured a $94.5 million construction financing package to build Excel Miami Apartments, a 24-story project with 427 units in Miami's Arts & Entertainment District. The development will feature studios, one-bedroom and two-bedroom apartments, as well as 13 townhouse loft units. Centennial Bank provided a $68.5 million senior loan, while Southern Realty Trust and its affiliate lent a $26 million subordinate loan.

    Clearline acquired the 0.9-acre Excel site in an Opportunity Zone for $19.8 million in 2022. The firm also owns a nearby assemblage that can be developed into a 12-story project with 310 units, and is a partner in the Urby-branded apartment project at 26-60 Northeast 27th Street in Wynwood.

    South Florida's multifamily market experienced a boom from late 2020 to 2022 due to an influx of out-of-state residents. However, the pipeline of new projects has led to a drop in rents, with the median monthly rent in the tri-county region falling 4% year-over-year and 7.2% from October 2022.

    Despite this trend, developers are continuing to secure construction financing for projects in high-demand neighborhoods. For example, Aimco secured a $172 million senior construction loan and $56 million in preferred equity for a 38-story apartment tower in Miami's Edgewater, while 13th Floor Investments landed an $83 million construction loan for the Parks at Hallandale rental complex with workforce housing in Hallandale Beach.