Evolve Companies has locked in a $48.5 million construction loan to bring Evolve Wynwood 35 to life, an eight-story, 141-unit apartment midrise planned for NW 35th Street in Miami’s Wynwood Norte. The project is set to pack in luxury studio, one- and two-bedroom units stacked above an amenity deck with a pool, outdoor kitchens, a co-working suite, full gym and a dog park with a pet-spa station. The developer is eyeing a 2028 completion for the building, which will sit just off I-95 and I-195.
Loan, Lender And Broker
Northmarq’s West Palm Beach debt team, led by Chris Hammel, arranged the $48.5 million construction loan and placed it with Genesis Capital, according to ConnectCRE. “Northmarq was pleased to provide the Evolve team construction financing for Evolve Wynwood 35,” Hammel said in Northmarq. Genesis Capital, the lender named in the filings, has been active with residential bridge and construction loans nationwide, the notice adds.
Developer Background And Site
Evolve moved into the Wynwood market in 2022 after buying a cluster of lots on NW 35th Street and tapped Kobi Karp to design the building, reporting shows. Commercial Observer reported the 2022 land purchase and design plans, and Evolve’s project page lists Evolve Wynwood as a 141-unit community currently in development. The site pulls together several parcels on NW 35th Street and replaces older single-family and duplex structures that previously lined the block.
What It Means For Wynwood
The loan adds more fuel to Wynwood Norte’s building boom, where planners have signed off on a wave of mid-rise and tower projects that are turning former industrial blocks into denser, mixed-use streets. The project won a recommendation from the city’s Urban Development Review Board, which pushed for more canopy shade and other design tweaks to soften the building’s scale, according to Miami Today. Neighbors and small-business owners have voiced mixed views about another round of market-rate units, while planners argue that ground-floor retail and pedestrian paseos can help the new building plug into Wynwood’s art-forward blocks.
Next Steps And Timeline
With financing in place, Evolve can move into permitting and advance site work, and project materials indicate a targeted 2028 delivery, per the financing notice. Northmarq says the loan will fund vertical construction once permits and pre-construction steps are complete and that the placement reflects continued capital availability for select Miami projects. The developer still has to clear final permitting and any city conditions before shovels actually hit the ground.
