Adam Neumann’s Flow is getting a $51 million loan to help pay for the multifamily development firm's acquisition of a 16-acre site north of Miami.
The loan was provided by Ladder Capital to 8500 Biscayne Owner LLC, a Delaware entity with ties to Flow, according to public records. Neumann's Flow bought the site at 8500 Biscayne Blvd. in a court-ordered sale led by Avison Young at the beginning of the year for $70.5 million.
The Biscayne site was formerly the home of the Little Farm Trailer Park in the quiet Miami village of El Portal. It's one of the last few remaining large development sites in Miami, according to marketing materials from Avison Young.
Situated along the Biscayne Boulevard corridor about five miles north of downtown Miami and Flow's existing South Florida properties at Miami Worldcenter, the vacant land sits directly east of the Florida East Coast Railway.
The property can accommodate more than 2,000 multifamily units and a total of nearly 3 million square feet of rentable space. It is zoned for a mix of uses, including residential, retail, office, hospitality and specialty real estate.
Canada Global, an Israeli real estate firm led by Assaf Tuchmair and Barak Rosen, is teaming up with Flow to develop a mixed-use project on the site, according to The Real Deal. Flow couldn't be reached for comment by CoStar News about its plans for the site.
Canada Global and Flow previously partnered on the $116 million acquisition of the Aventura Corporate Center office park in the Miami area in November. Ladder Capital also financed that deal, according to CoStar data.
Neumann, WeWork's former CEO, has been expanding Flow in South Florida, including apartments at Flow Miami and Flow Fort Lauderdale, and a condominium called Flow House in downtown Miami.