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The Gateway at Wynwood Targeted In $101.7 Million Foreclosure Lawsuit

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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

 

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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.

 

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Retail Center In Miami Health District Fetches $349 PSF

Civica Center, a retail complex in the Health District of Miami, sold for $26 million.

RP 1050 NW 14th Street LLC, an affiliate of Dallas-based Rockpoint Group, sold the 74,463-square-foot retail property at 1050 N.W. 14th St. to TCD 212 Civica FL Property, an affiliate of Boston-based Taurus Investment Holdings. A10 Capital provided a $23.71 million mortgage to the buyer.

The price equated to $349 per square foot.

The two-story building was built on the 1.8-acre site in 2015. This is the first time it has sold.

Recent tenants in Civica Center include Quest Diagnostics, 7-Eleven, Montessori School, Gateway Dental, Salsa Fiesta, and Dunkin’.

In addition to the deal for Civica Center, Taurus paid $4.53 million to RCR Management for the neighboring building of 4,768 square feet at 1000 N.W. 14th St. It formerly had a bank.

There haven’t been many retail property sales in South Florida since the Covid-19 pandemic started. The drops in tourism and office occupancy have especially hurt sales in entertainment districts and downtowns. The Health District, however, remains busy as it’s home to major health care employers such as Jackson Health System and the University of Miami Health System.

However, the future of this property is likely to look very different.

Taurus said it plans to redevelop the site into a 62,500-square-foot facility with medical office and ground-floor retail and then construct a 460,000-square-foot medical office building on the parking lot behind the building.

“We feel that this acquisition is uniquely located in the heart of the Health District, and will provide much needed supply of medical office and research space to the area, resulting from new allocations made to medical research and development, due to the Covid-19 pandemic,” Taurus CEO Peter A. Merrigan said.

 

Source:  SFBJ

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