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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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Goldman Properties, JV Of Scott Robins And Philip Levine Propose Wynwood Projects

More office and multifamily projects may be coming to Wynwood, as developers propose new projects for the once-gritty warehouse district.

Pioneer Wynwood developer Goldman Properties wants to build an office building, and a joint venture between Scott Robins and Philip Levine tweaked a previous plan for a hotel with apartments – and now proposes rentals only.

The Wynwood Design Review Committee is expected to consider both projects at a meeting on Monday.

Robins and Levine propose a five-story building with 203 units and 15,104 square feet of ground-floor retail on almost an acre at 35-83 Northwest 27th Street, according to the developers’ filing to the review committee. The Arquitectonica-designed project would have a rooftop pool, 40-space garage and eight parking spaces on the street.

The developers are partnering with Miami-based executive Martin Franklin and Franklin’s son, Sam. Martin Franklin co-founded frozen food company Nomad Foods as well as consumer products firm Jarden, now called Newell Brands.

Shortly before the onset of the pandemic in March 2020, Robins and Levine won approval from the city zoning administrator for a 120-key hotel with 72 apartments and 13,413 square feet of commercial space for the site, according to the developers’ submittal to the board.

“We didn’t think a hotel project was appropriate at this time in that area,” Robins said, although he didn’t entirely shut down a future hotel conversion.

Roughly 90 percent of the units would be studios, ranging from 500 square feet to 600 square feet, allowing for a smooth retrofit into hotel rooms if the market ripens for the use, Robins said. The remaining units will be one-bedroom apartments, ranging from 700 square feet to 800 square feet.

The rents will be market rate, but specific ranges have not been determined, he said.

Robins and former Miami Beach Mayor Levine previously partnered on the redevelopment of South Beach’s Sunset Harbour neighborhood. They sold a seven-building retail portfolio to Asana Partners for $68.8 million in 2018.

In Wynwood, Goldman Properties, led by CEO Scott Srebnick, filed plans for an eight-story Core Wynwood with 99,357 square feet of Class A workspaces and 10,101 square feet of retail and restaurants, according to the filing. The 0.6-acre site, which now consists of a one-story warehouse and parking lots, is at 373, 375 and 391 Northwest 24th Street and at 376 and 390 Northwest 25th Street.

The Perkins & Will-designed project would have floor-to-ceiling windows in parts of the building, a glass-enclosed grand staircase visible from the street, a two-story garage with 119 spaces and an art-adorned paseo connecting 24th and 25th streets, according to Wynwood-based Goldman’s submittal to the board.

In a nod to Wynwood’s stamp as an arts district, artist Mona Caron’s botanical murals will run the height of the building and artist Sam Cox’s hand-drawn characters will adorn the staircase. Goldman Global Arts, a consultancy led by Goldman Properties co-Chair Jessica Goldman Srebnick, is curating the art at Core Wynwood.

Goldman Properties’ founder, the late Tony Goldman, was one of the first to spot Wynwood’s potential. It was his life’s work to see the unrealized growth of neighborhoods. Goldman Properties played a major role in creating Wynwood’s image as an arts district with projects such as Wynwood Walls and Wynwood Garage.

If the Wynwood Design Review Board approves the proposals, construction of both is expected to be completed in the second half of 2024.

Wynwood has undergone redevelopment in recent years with office and residential projects.

The 13-story Gateway at Wynwood office building at 2916 North Miami Avenue and the 10-story 545wyn were completed last year.

In 2019, Wynwood Annex at 215 Northwest 24th Street and Cube Wynwd at 222 Northwest 24th Street were completed.

On the residential side, more than 2,200 apartment and condo units are on tap, including a proposal by Ironstate Development and Brookfield Properties for a 289-unit apartment complex at 26 and 60 Northeast 27th Street, and 25 and 61 Northeast 26th Street.

 

Source:  The Real Deal

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New-To-Market Tenants Spur Wynwood Office Demand

Wynwood is becoming Miami’s busiest office submarket as demand for space is far surpassing current supply due to its attractive live-work-play environment, with more than 80% of its recently leased office tenants being new-to-market and a million square feet of office space in the pipeline.

Coming up new-to-market tenants in Wynwood in the first quarter of the year include Blockchain.com at CUBE Wynwd at 222 NW 24th St, with 21,952 square feet of office space; OpenStore at the Gateway at Wynwood in 2916 N Miami Ave., with 14,914 square feet of office space; and Neocis at 545 NW 26th St., a medical equipment manufacturer leasing 38,000 square feet of office space.

Other firms opening shop in Wynwood include Barry’s Bootcamp, a new 9,000-square-foot fitness center in 2214 NW First Place; Actuate Law, a new 3,000-square-foot law firm in the 545 Wyn building; and Levine Leichtman Capital Partners, who opened in 4,020 square feet in 112 NE 41st St. All of these opened in the last quarter of 2021.

DWNTWN Realty Advisors led a $49 million sale of the Wynwood Annex office tower in Wynwood, which has 60,000 square feet of rentable office space, to new-to-market San Francisco investors Brick & Timber Collective. Wynwood Annex has leased all of its office space within six months to new-to-market venture capital, technology and finance firms such as Founders Fund, Live Nation Entertainment and Atomic Venture Capital.

 

Source:  Miami Today

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Developers Propose Nearly 1M-Square-Foot Project In Miami’s Wynwood

The 29N project would be one of the largest developments in Wynwood at 964,693 square feet.

The Wynwood Design Review Committee will consider on July 12 plans for the project at 95 N.W. 29th St.

L & L Carpe Wynwood Holdings, a joint venture between New York companies L&L Holding Co. and Carpe Real Estate Partners, has nine parcels there under contract, combining for three acres. It’s directly east of the Gateway at Wynwood office building, which is currently under construction.

Designed by San Francisco-based Gensler, 29N would have buildings of 12 and eight stories with a pedestrian paseo between them to connect Northwest 29th Street, Northwest 30th Street and Northwest First Avenue. The building would feature 523 apartments, 200,618 square feet of offices, 26,372 square feet of retail and 668 parking spaces. There would be amenities on floors seven through nine. The apartments would range from 504-square-foot studios to two-bedroom units of 1,093 square feet.

 

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