A recently completed office-apartment project in Miami’s booming Wynwood Arts District just secured $136 million in refinancing to pay off construction loans.
The Wynwood 25 apartment building and adjacent Wynwood Annex office building opened last year.
Development team East End Capital, based in New York with a Miami office, and the Miami-based Related Group, founded and led by Jorge Perez, secured the loan from The Blackstone Group Inc.’s Blackstone Real Estate Debt Strategies.
The nine-story, 289-unit Wynwood 25 and the 60,000-square-foot Wynwood Annex sit on the northwest corner of Northwest Second Avenue and 24th Street.
Wynwood 25, which was completed last June, is 90% leased. The market-rate building at 240 NW 25th St. offers units from 400-square-foot studios to three-bedroom apartments. Amenities include an electric car charging station, heated pool with sundeck, rooftop lounge and kitchen, library with coworking areas, gym, pet grooming area and 24/7 concierge.
Wynwood Annex was built with an eye toward tenants in the technology, advertising and marketing fields. Its first tenant is the California-based Live Nation entertainment company, which took a full floor. The building has loft-style offices with 18-foot ceilings and a rooftop terrace.
The office building has 4,429 square feet of ground-floor retail and the apartment building has 28,518 square feet of retail, including the Salt & Straw ice cream shop and the Uchi restaurant, which will open soon.
The financing is another project milestone officially marking its completion, Jonathon Yormak, founder and managing principal at East End, said in a news release.
About $110 million of the proceeds was used for Wynwood 25 and the balance for Wynwood Annex.