Multifamily construction financing flows in Miami as developers score $172M in loans

Developers landed a combined $171.5 million in construction loans for two projects that will add nearly 500 apartments to Miami, even as a multifamily oversupply lingers over South Florida.  Acre scored $123 million to build the six-story, 337-unit Adela II complex just off Biscayne Boulevard at Northeast 64th Street in the MiMo Biscayne Boulevard Historic District, records show. Dallas-based Canyon Partners is the lender.  South of there, Evolve Companies obtained $48.5 million in financing to build the eight-story, 141-unit Evolve Wynwood 35 building in the Wynwood Norte neighborhood, according to the a news release. Los Angeles-based Genesis Capital provided the […]This article originally appeared on The Real Deal. Click here to read the full story.