Lennar Scores $130M to Refi New Doral Apartments

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Lennar Multifamily Communities has secured a $130 million loan from Truist Bank to refinance existing debt on the newly developed Vesada Apartments in Doral, Fla., according to property records. 

The financing replaces $55.6 million in financing originated by SunTrust Bank — now known as Truist — in 2018, and allows for an additional $74.3 million to be drawn down. 

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The 369-unit Vesada Apartments is located at 10500 NW 78th Street and began leasing early this year, according to Multi-Housing News. 

The publicly traded Lennar is highly active in the area, which was designated the Grand Bay Community Development District in 2006 by Miami-Dade County. It began with single-family development, before shifting to multifamily development in the last several years through its multifamily arm.

Vesada is one of two multifamily properties recently built by Lennar in the area. The second is the 440-unit Palmera at 8560 NW 102nd Avenue, which Lennar finished in 2020. 

The national home builder also built the nearby 890-unit Park Central community, which began selling homes in 2016, as well as the Grand Bay Estates.

Average rents in Doral have increased by a staggering 44 percent in the last year, coming in at $2,298 per month in November, according to data from Zumper.

Lennar did not respond to a request for comment. 

Chava Gourarie can be reached at cgourarie@commercialobserver.com