No Comments

Gateway At Wynwood Gets $113 Million Refi

Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot, Class A office and retail project designed by Kobi Karp in Miami’s Wynwood District. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan on behalf of New York-based Rose & Berg Realty Group LP (“R&B Realty”), a family-owned real estate management, leasing and construction company. The property is leased to a diverse tenant roster including BoConcept, OpenStore and Veru.

Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT.

This time, A10 Capital, a vertically integrated, full service commercial real estate lender, provided the three-year loan, with two, one-year extension options.

“The volatility in the lending environment made this office refi transaction challenging, but our relationships with the lending community and the strength of this asset helped us secure one of South Florida’s largest office refis in recent times,” said Foschini. “We are proud to have played a key role in helping our client move forward with its plans as it continues to attract strong office and retail tenants to the trophy property in the highly desired Wynwood area north of downtown Miami.”   

Designed by ‘starchitect’ Kobi Karp, Gateway at Wynwood is located at 2616 North Miami Avenue, in the epicenter of Miami’s Wynwood corridor, one of the most desirable 24-hour submarkets in the nation. It features approximately 220,000 square feet of Class A office space encompassing roughly 27,700 square feet of space on each of its floors. It features a private rooftop terrace with panoramic views, as well as 512 on-site parking spaces. The project also features 24,000 square feet of retail space and is centrally located at the convergence of the Midtown and Wynwood submarkets’ high-traffic retail corridor, with immediate access to thousands of new residential units.

Gateway at Wynwood is just minutes away from Miami’s Central Business District (CBD), Midtown, Edgewater, the Arts and Entertainment District, Brickell, Miami Beach, and a variety of mass transit options including I-195, the Miami Metrorail and the new Brightline commuter rail line connecting Miami to Fort Lauderdale and Palm Beach.

 

No Comments

Rilea Pays $6M For 13K SF Warehouse Property In Wynwood, Plans More Mohawk At Wynwood Loft Apartments

Rilea Group plans more loft apartments at its Mohawk at Wynwood mixed-use project after expanding its site.

The Miami-based developer paid $5.7 million for two warehouses at 31 and 37 Northeast 28th Street, said Rilea President Diego Ojeda. Both lots span 12,750 square feet, enlarging the overall development site at 56 Northeast 29th Street from 1.5 acres to 1.8 acres, Ojeda said.

In an off-market deal, Rilea bought the property from interior designer Michael Wolk, whose studio is based in one of the warehouses, Ojeda said. Alfredo Riascos with Gridline Properties represented Rilea, and Alfonso Jaramillo with Fortune International Realty represented the seller.

In 2002, Wolk paid $350,000 for the industrial buildings, which were completed in 1964 and 1970, records show.

“We negotiated what I think is a fair price and below market,” Ojeda said. “For us, it makes sense because it helps our project’s efficiency. For the seller, it was also good. It’s a small site that without our project didn’t have life for anything else.”

Rilea’s latest acquisition allows his firm to add 35 more loft apartments to a 12-story project originally slated for 225 units, Ojeda said. Mohawk at Wynwood, now spanning almost an entire block, will also have 31,000 square feet of ground-floor retail, 3,500 square feet of office and 337 parking spaces. Knocking down the two warehouses will also improve the design of a paseo planned for the project, Ojeda said.

“Before, the paseo had a big wall on the south side,” Ojeda said. “Now that we own the site, the wall will no longer be there. You will have retail on both sides when you walk the paseo.”

 

Source:  The Real Deal

No Comments

Wynwood Plaza Project Scores $215M Construction Loan

In yet another sign that lenders are still confident in the South Florida market, a mixed-use office development in Wynwood secured a $215 million construction loan.

Little Rock, Arkansas-based Bank OZK provided the loan to L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group for the Wynwood Plaza, a 1-million-square-foot office, apartment and retail project planned for 95 Northwest 29th Street in Miami.

The assemblage is anchored by the former Rubell Family Collection properties. Rubell moved its museum to a new space in Allapattah.

Newmark’s Dustin Stolly and Jordan Roeschlaub represented New York-based L&L and Oak Row in finding additional partners, according to a press release. Berkadia’s Scott Wadler and Michael Basinski arranged the construction loan. Bank OZK and other lenders have been providing large loans in South Florida, despite the challenging interest rate environment and the trend of banks pulling back overall.

Construction of the Wynwood Plaza will begin “immediately,” according to the release. The development could be completed in 2025. It includes a 12-story, 266,000-square-foot office building, a 509-unit luxury rental building, 32,000 square feet of indoor and outdoor retail space, and a 26,000-square-foot public plaza. Gensler is the architect and James Corner Field Operations is designing the outdoor spaces.

 

Source:  The Real Deal

No Comments

Fabel Rooftop Restaurant Opens At Robert Rivani’s Wynwood Jungle

Fabel Miami, a new open-air rooftop restaurant and lounge by owner Matthew Rosenberg and his award-winning architecture firm, M-Rad, is now open at Wynwood Jungle, the experiential dining and retail destination transformed by Black Lion’s Robert Rivani. The immersive restaurant, named to provide guests a place to create their own enchanted fairytale, is set to redefine the hospitality industry.

“Fabel is the pinnacle and final piece of our vision to transform Wynwood Jungle into the hottest immersive destination in the area,” said Robert Rivani, president of Black Lion. “The vibe is magical and we are proud to have brought in world-class brands and experiences to the area.”

The 254-seat venue is set across 10,000 square feet of a secured open-air, covered rooftop. From custom handmade furniture, lighting, and plateware, to a custom fragrance made to remind us of our childhood, Fabel is a designer’s dream through and through. The details extend to the custom uniforms designed in partnership with Caravana – the Tulum-based fashion house found at Scorpios in Mykonos, St. Tropez, Ibiza, Tulum, and Bodrum. Covered patio seating and three levels of terrace seating surround the central DJ booth with private cabanas framing the venue. The restaurant will also include a 22-seat travertine stone U-bar and stepped seating around the DJ booth. Fabel will blend high-energy dining with the sophistication of high-touch service to create the ideal evening destination.

“We are thrilled to be launching Fabel in Miami and in the heart of one of the most progressive neighborhoods in the country,” said Matthew Rosenberg, owner of Fabel Miami and Principal of M-Rad. “Fabel is a destination where we encourage our guests to experience world-class service and cuisine, while simultaneously exploring all five senses across every touchpoint of the restaurant.”

The Mediterranean-rooted menu takes cues from the team’s travels around the globe while Executive Chef Ian Fleischmann presents the dishes in a provocative and engaging way. Guests will indulge in signature dips of Fabel Hummus, Muhammara, and Aroa’s Labneh with Aleppo Chili Crisp. Shared plates like the 45-Day Dry Aged Porterhouse with Adjika and Iranian Oregano, Whole Roasted Heritage Chicken with Taouk Spice, and Salt Crusted Dorade with Kaffir Lime and Lemongrass seduce guests to interact both with the dishes and each other. While the night is sure to keep going after dessert, it’s a must to conclude the dining portion of the evening, The Guanaja Chocolate Custard brings together saffron, olive oil, and vanilla crème fraiche in a way that keeps you digging for more while the Tahini Chocolate Chip Cookie melts in your mouth – make sure you pair it with Fabel’s own Ras el Hanout Ice cream! The anticipated restaurant will also include a top-tier beverage and wine program curated by Master Sommelier, Christopher Miller, boasting some of the rarest and most premium wines and unique twists on the most classic spirits.
Black Lion’s Robert Rivani acquired Wynwood Jungle in 2021 and has invested millions of dollars to breathe new life into the property with improvements including artificial florals, a brand new roofdeck and imaginative artwork on the façade, to transform the once struggling center into one of the most iconic and unique immersive retail and dining experiences in South Florida, with tenants including The Salty Donut, Osme, OhRaw, 3 Social, Edite Mode, and a soon to be announced 7,000-square-foot Restaurant and Bar.

Fabel Miami will open for dinner service Wednesday through Sunday beginning at 6 p.m. and going until the last dance ends. Fabel is located on the second floor of Wynwood Jungle at 50 NW 24 St.

 

No Comments

Four Projects Coming Soon To Wynwood

The evolution of the Wynwood Arts District in Miami continues with new condos, hotels, office, and retail buildings replacing the old graffiti-decorated warehouses that once served as artist workshops, galleries, and factories.

According to the Wynwood Business Improvement District, four projects are slated to break ground near North Miami Avenue within the next few years.

In late 2023, Rilea Group, a real estate development company based in Brickell, intends to start building The Mohawk Wynwood, a 12-story mixed-use building with 225 apartments, 22,000 square feet of ground floor retail, and 3,500 square feet of offices. The project includes a roof top pool deck, a dog park, a two-level gym, and a residents’ lounge.

The Mohawk Wynwood will be built on a 1.5-acre site at 56 N.E. 29th St. that the Rilea Group bought from Lombardi Properties for $22 million in June 2021. It is planned to be completed by late 2024 or early 2025, the Wynwood BID stated.

Another project by the Rilea Group, The Rider Wynwood will be a 12-story, 131-unit building with 6,000 square feet of retail, a rooftop deck pool, a dog park, a resident’s lounge, and a state-of-the-art gym.

According to the Wynwood BID, the project, which may be used as a short-term rental property, is expected to break ground in late 2023. It will be built on a 1.5-acre property at 94 N.E. 29th St. that the Rilea Group acquired for $12.21 million in October 2021.

L&L Holding and Oak Row Equities, a pair of real estate development firms with roots in New York, intend to build about 266,000 square feet of offices, 509 apartment units, about 26,000 square feet of retail, and a 25,000-square-foot outdoor public plaza at 95 N.W. 29th St.

L&L and Oak Row Equities (formerly known as Carpe Real Estate Partners) invested $53 million assembling the 2.85-acre site where Wynwood Plaza will be built.

The Related Group in Miami has teamed up with hotelier Sydell Group and New York-based TriStar Capital to build NoMad Residences at 280 N.W. 27th St. The project will include 329 short-term rental condos, 18,452 square feet of commercial and about 200 parking spaces.

The Related Group, TriStar Capital, and Lndmrk Development paid $26.5 million for the 1.25-acre site where NoMad will be built in September 2021. The project is expected to break ground early next year and projected to be finished in 2024.

 

Source:  SFBJ

No Comments

Turnberry Turns To Wynwood, Plans Mixed-Use Hotel Project

Turnberry Associates is planning a mixed-use hotel project in Wynwood on a site it acquired from the Bacardi family.

Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street, Vizzda data and records show. One of Soffer’s brothers, Rock Soffer, will lead the project. AJC Partners, a family office based in Bloomfield Hills, Mich., is a partner.

A company led by Luis L. Bacardi sold the properties. The Turnberry affiliate financed the purchase with a $7.9 million loan from Terrabank.

The Bacardi entity paid just $2 million for the 0.7-acre assemblage in 2006. Bacardi is CEO of Rumbum Racing.

Rock Soffer, a partner at Turnberry, said the site will likely be developed into a hotel with a food and beverage component, and possibly office or retail. The site’s zoning allows for five stories, plus more if the developer takes advantage of bonuses.

Soffer said Turnberry is working with its design team and is patient when it comes to finalizing plans, but that it could break ground in two years.

“We want to see how the neighborhood will evolve,” he said.

The site is sandwiched between two major developments. To the west, PMG and Greybrook Realty Partners are building Society Wynwood, a 289-unit apartment development at 2341 Northwest Second Avenue. To the east, multifamily giant AMLI has a 316-unit apartment building under construction at 70 Northwest 25th Street.

AJC, Turnberry’s partner, is led by Michael Colman, Eric Bean and Richard Mark.

Soffer, through Turnberry Associates, is also working on a market-rate apartment project in Miami’s Little River. He’s partnering with Gaudi Castro and Jose Vizcarrondo on the development of 123 and 137 Northeast 79th Street.

In 2019, Soffer, Elion Partners and members of the Sredni family completed 17 West, a mixed-use building that includes a Trader Joe’s in Miami Beach.

 

Source:  The Real Deal

No Comments

Wynwood Norte Development Site Sells For $9 Million

APEX Capital Realty announced the recent closing of a 30,685-square-foot development site located at 475 NW 36 Street in Miami.

APEX’s COO/Partner Martin Bravo, Vice President Jamie Rose Maniscalco, and Commercial Advisor Thano Mazas represented the seller, C.G.Y. Corp.

The buyer, Evolve Companies, is a development, management, and construction firm focused on multifamily and student housing. With over 1 billion properties under management, Evolve Companies specializes in selecting, developing, and constructing properties all over the U.S. Southeast.

Evolve companies paid $8.975 million for the site.

The firm has now set its sights on Miami and has just recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.

With a determination to grow its footprint in the Wynwood area, Evolve has counted itself among the many developers that have an increased desire for the Wynwood Norte area. Wynwood Norte has served for decades as a working-class, live-work neighborhood for the broader City of Miami. Due to its location within the urban core and close proximity to the Wynwood Arts District, Midtown, and Downtown Miami, developers are working at an accelerated pace to acquire properties in the area as it is now seen as the next great area for development.

475 NW 36 Street is located within the Wynwood Norte neighborhood and falls within the NRD-2 (Neighborhood Revitalization District-2) zoning overlay. The newly implemented overlay allows for additional benefits over the T6-8-O zoning including the transfer of development rights to increase density.

The site also offers access to fast-growing neighborhoods including Midtown Miami, The Miami Design District, Allapattah, Edgewater and Downtown Miami. With maximum exposure, the property is situated in an ideal location and offers a great opportunity to develop a project which will undoubtedly bring great success.

 

No Comments

Cube Wynwd Trades For $62 Million

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood.

The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal.

“We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.”

Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction.

Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry.

The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023.

“Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.”

Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more.

 

Source:  CRE-sources

 

No Comments

Moishe Mana Nabs $275M Credit Line For Wynwood Assemblage

Real estate investor Moishe Mana scored $275 million in financing for his Wynwood portfolio, property records show.

The financing from Centennial Commercial Finance Group provided Mana a $275 million line of credit — of which he’s drawn down an initial $58 million loan, according to mortgage documents.

The portfolio spans 17 low-rise properties in the southwest section of Wynwood, a Miami neighborhood known for its colorful murals that’s welcomed a slew of tech companies in the past two years.

The assemblage includes the Mana Wynwood Convention Center, which hosted the Spectrum Miami and the Red Dot Miami art fairs during this year’s Art Basel season.

The site is set to become Mana Wynwood, a 24-acre mixed-use development. Mana announced the project in 2015 and last year tapped Sidewalk Labs, which is owned by Google’s parent company, to design and plan the master infrastructure. But construction has yet to commence.

It’s unclear how the funds will be used. A spokesperson for Mana declined to comment, and a representative for Centennial did not respond to a request for comment.

In Downtown Miami, Mana has reportedly spent over $500 million on 70 buildings, mostly along Flagler Street. Mana has touted plans to repurpose the properties into a business hub but, like in Wynwood, those endeavors have yet to come to fruition. Only one building, Nikola Tesla Innovation Hub, is under construction and is set to be delivered next year.

 

Source:  Commercial Observer

No Comments

Wynwood Streetscape Plan Under City’s Microscope

The Wynwood Streetscape Master Plan project is currently under a call cost evaluation by the City of Miami.

The streetscape plan was initiated in 2018 by the Wynwood Business Improvement District, which has partnered with the City of Miami, Miami-Dade County and the neighborhood’s private-public property owners.

“This is a very ambitious project,” said Manny Gonzalez, the BID’s executive director. “What we’re doing is with the city’s property valuations, we want to come up with a total data number that could be shared or that could be evaluated by the organization and by the property owners to see if that would be a way that we could contribute into the project with other sources of funding.”

The streetscape plan’s main aspects are to strengthen a sense of place, neighborhood identity through new green space and artsy aesthetics and improve the public landscaping experience.

The project would also build the community’s resilience to the impacts of climate change by promoting green infrastructure to mitigate urban stormwater runoff and encourage actions that reduce greenhouse gas emissions and improve the pedestrian experience with appropriate street furniture and lighting.

The BID is requesting new projects that are being constructed to follow the master planning guidelines that are going to be applied, he said.

“We could already have some aspects of the master planning in place, which will save us money in the end,” Mr. Gonzalez added. “When the projects come up, they’re doing their designs according to the master planning that we’re waiting for.”

The other aspect of the streetscape is the Woonerf, which is going to be the centerpiece of the master planning project.

The first-ever Woonerf would share the street with bicycles, pedestrians and automobiles, and would be designed to slow traffic and safely share roads, create new crosswalks and widen sidewalks. The lively street concept is projected to be on 29th Street and Northwest First Avenue, and 29th Street and Northwest Third Avenue, running from 29th to 25th streets.

“Property owners have already agreed to put money into it because we understand that nothing happens without public-private partnerships,” Mr. Gonzalez said. “We want to make sure our property owners are seeing the way that they’re helping us out by doing this work.”

 

Source:  Miami Today

© 2024 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.