A prominent real estate development firm has secured a substantial $76.8 million loan to construct a mixed-use development in the highly sought-after areas of Overtown and Wynwood in Miami.
More Development has announced that it successfully obtained the multimillion-dollar mortgage from JP Morgan Chase for its latest project, SoWy. This expansive venture will cover approximately eight acres and encompass 26 parcels across six blocks along 2nd Avenue, between NW 20th and 22nd Street. With nearly 2.5 million square feet available for construction, SoWy is set to offer versatile indoor and outdoor spaces within architecturally unique buildings.
According to reports from the South Florida Business Journal, More Development invested an impressive $115.28 million in acquiring these properties through separate transactions spanning from 2018 to present day.
Wynwood has undergone significant revitalization as developers replace old warehouses with modern residential complexes and commercial high-rises – replacing once-utilized factories, wholesalers’ facilities, car repair shops,and art studios with new opportunities for growth.
This recent achievement marks another milestone for More Development’s portfolio as they continue their commitment towards enhancing communities through innovative real estate projects.
