Adam Neumann Nabs $155M to Finish Miami Condo Development

Adam Neumann, the former WeWork CEO, has secured a $155 million financing package to complete his condo development in Downtown Miami. 

The debt from Invictus Real Estate Partners and Integritas Capital includes inventory and construction loans for Flow House, a 40-story tower with 466 units at 697 North Miami Avenue. Neumann’s latest venture Flow, which he founded in 2022, is building the project within the 27-acre Miami Worldcenter master development. 

Neumann originally envisioned Flow House as a multifamily development before changing it to condominiums in October, with prices starting at $450,000. A representative for the lenders declined to provide sales figures. 

Construction is expected to be completed in the fourth quarter of this year. In 2022, Flow nabbed a $108 million loan from CIM Group to start the project.

Neumann’s Flow also owns the Flow Miami rental building, which is on the same block at 698 NE First Avenue.  

In the past few months, Flow has expanded its South Florida portfolio. In January, it bought a 16-acre development site in Miami’s El Portal neighborhood for $70.5 million. In November, Flow and its partners purchased a 10-acre office property in Aventura for $116 million. The company also owns a rental building in Fort Lauderdale. 

Correction: A previous version of this article incorrectly stated that the loan amount was $115 million.

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