A $101.7 million foreclosure complaint was filed against the Gateway at Wynwood office complex and a nearby bank office.
On March 19, Wilmington Trust, a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure complaint against 2830 Wynwood Properties and Gateway at Wynwood LLC.
The 14-story office building at 2916 N. Miami Ave. is targeted for seizure by the lender. With 490 parking spaces, 25,000 square feet of retail space, and over 200,000 square feet of office space, it has a total area of 418,337 square feet. On the 1.11-acre plot, it was finished in 2021. The 5,187-square-foot Chase Bank bank branch at 2994 N. Miami Ave. is also the subject of the case. The building, which occupies 11,383 square feet, was bought by 2830 Wynwood Properties in 2015 for $7.4 million.
In February 2023, A10 Capital granted $109.7 million in mortgages to Gateway at Wynwood and $3.3 million to 2830 Wynwood Properties. The loans represented a refinancing of the office building’s construction loan. Afterwards, the loans were moved to a CMBS fund by A10 Capital. In accordance with the lawsuit, the borrowers owe $98.68 million and $3.04 million, respectively, plus interest and fees, after they stopped making payments on the loans on December 1, 2023.
On February 27, the lender sent a letter to Aron Rosenberg of R&B Realty in New York, requesting repayment of the debt.
The Gateway at Wynwood was one of the first office buildings constructed in the Wynwood area. According to a recent online listing, 80,031 square feet of space in Gateway at Wynwood is available for lease. The asking rate was $70 per square foot.
Source: SFBJ