Adam Neumann’s Flow Lands $51M Loan to Acquire Miami Dev Site

A little over a month after agreeing to buy a 16-acre development site in Miami for $70.5 million, Adam Neumann’s Flow has now secured financing.

The $51 million acquisition loan from Ladder Capital covers 16 acres at 8500 Biscayne Boulevard in the El Portal neighborhood, near the northern border of the city. Terms of the financing were not immediately disclosed.

Flow’s offer was just over double that of Melo Group’s stalking-horse bid. The development plan includes the construction of 2,380 residential units as well as commercial space and a school, according to Walker & Dunlop, whose Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Michael Ianno brokered the debt. 

The now-vacant site previously functioned as a trailer park called Little Farm. Leo Wu purchased the trailer park and a neighboring 3.5-acre parcel that included a former immigration building at 7880 Biscayne Boulevard. 

To redevelop the property, Wu raised more than $50 million through the EB-5 federal program, which grants U.S. residency to immigrants who invest at least $500,000. 

But the properties became embroiled in litigation and ended up at auction following allegations that Wu misappropriated funds, which he denies. The other parcel sold for $23 million to B Group Capital Management in 2023.

Neumann, the controversial former CEO of WeWork who stepped down in 2019, has been expanding his real estate portfolio in South Florida. Through his new venture Flow, Neumann purchased a 10-acre office complex for $116 million in December, alongside Israeli developer Canada Global, a subsidiary of Israel Canada. 

Flow also launched sales for a condo project and opened a multifamily building, both at Miami Worldcenter, and owns another rental building in Fort Lauderdale.

A representative for Neumann did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.