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The Dorsey Mixed-Use Project Gets $165M Refi

Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed, mixed-use development located in Miami’s Wynwood neighborhood.

The 306-unit property was co-developed by Related Group, LNDMRK, and Tricera Capital. Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.

The lender, MF1 Capital, delivered a quick and certain closing despite recent market volatility and provided the 30-month, interest-only loan to take out the existing construction financing.

“Despite the macro headwinds, lender confidence remains high for those projects of the highest quality,” said Jon Paul Perez, President of Related Group. “In the case of The Dorsey, we had several factors working in our favor: namely an unmatched location in the world’s most desirable neighborhood, gorgeous designs and a development team that’s second to none.”

Located on the corner of NW 29 Street and NW 3rd Avenue, The Dorsey is at the epicenter of the Wynwood neighborhood. The property features 73,000 square feet of office space, and 36,000 square feet of ground floor retail. The office portion is fully leased to Schonfeld Strategic Advisors, a New York-based hedge fund making The Dorsey their second headquarters, and Industrious, a leading coworking provider with over 160 locations globally.

The Dorsey also includes 306 luxury apartments, with floor plans ranging from 450 to 1,600 square feet. Residents will enjoy a highly curated set of on-site amenities, like a fitness center with a spin and yoga room, a first-class pet spa, a resort-style rooftop pool, an outdoor courtyard, and more. The development also boasts a collection of world-class art displayed across all common areas.

“The Dorsey is the premier mixed-use development in one of the most desirable 24-hour submarkets in the nation,” said Wadler. “The Property’s strong lease-up velocity and best-in-class features and finishes led to significant lender interest in the refinance.”

The Dorsey’s modern mixed-use design blends with Wynwood’s walkable, urban neighborhood. The project’s impactful integration into the neighborhood has already brought accolades as it was named the Multifamily Development of the Year for South Florida at the 2023 CoStar Impact Awards.

 

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Related Scores $88M Construction Loan For Dorsey Project In Wynwood

The Related Group and its partners secured an $87.5 million construction loan for the Dorsey project in Wynwood.

Bank OZK provided the financing for the 12-story mixed-use development planned for Northwest Third Avenue between 28th and 29th streets. Related, Alex Karakhanian’s Lndmrk Development and Tricera Capital are partnering to develop the project.

The Dorsey will include 306 apartments, with a majority between 500 square feet and 620 square feet, with some as small as 400 square feet. The commercial space will be divided into about 33,000 square feet of retail and 78,000 square feet of office. The project will also run along a planned woonerf, a Dutch-inspired pedestrian-friendly street. The Related joint venture secured approval for the project from the Miami Urban Development Review Board in late 2019. Arquitectonica is the architect.

Monthly rents are expected to range between $1,800 and $3,900. Amenities will include a gym with a yoga studio and spa, a courtyard, recreation area for pets and a garage, according to a spokesperson.

Karakhanian said the building is expected to be delivered in about 20 months. Construction began this month.

Weck 29 LLC paid $32 million for the assemblage in September 2019. Affiliated companies secured the loan.

Related has been active in Wynwood, where Jon Paul Pérez, newly minted president of the firm, has taken the helm.

 

Source:  The Real Deal

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Multi-Use Redevelopment Of Wynwood Industrial Sites OK’d

A set of interconnected buildings is designed to bring a mix of residential, retail and office uses to a block in Wynwood, along with major murals and other art treatments and a large courtyard.

With a current title of Dorsey, the major mixed-use project is proposed by developer Weck 29th LLC for land at 2562/268/286 NW 29th St. and 2801 NW Third Ave.

The City of Miami’s Urban Development Review Board voted unanimously to recommend approval.

The venture is being touted as “a true live, work, and play environment.”

Designed by architectural firm Arquitectonica, Dorsey is to rise to 12 stories and include a building at eight stories, surrounding a landscaped courtyard for pedestrian mobility and activity.

The entire development will amount to 604,110 square feet, be home to 306 residences, 35,858 square feet of commercial-retail uses, 58,760 square feet of offices, and have parking levels to hold about 521 vehicles.

The site plan shows projected open space amounting to 16,293 square feet.

The property currently consists of industrial structures and surface parking, according to a letter to the city from Iris Escarra, an attorney representing Weck 29th LLC.

The site includes two adjoining properties with different zoning classifications, along with a special Neighborhood Revitalization District, or NRD-1 overlay, and a land designation of general commercial.

Approximately 32,831 square feet or .75-acre is zoned T5-0, and 56,030 square feet or 1.29 acres is in the T6-8-0 zoned area.

Ms. Escarra said the property fronts Northwest 28th Street to the south and Northwest 29th Street to the north, comprising the property’s principal frontages. Northwest Third Avenue abuts the property to the west, and also serves as a principal frontage.

“The proposed project is an infill project adjacent to two highly traversed streets, NW 29th Street and NW 3rd Avenue,” she wrote. “The Property is located within the Wynwood neighborhood, which has seen a rapid growth over the last few years as it transforms from an industrial neighborhood to an arts and culture destination. The Project seeks to redevelop the industrial structures and provide Residential, Office, and Commercial Uses throughout the Property.”

Discussing details of the project with the review board at its December meeting was attorney Brian A. Dombrowski, also representing the developer, who introduced architect Raymond Fort.

The review board’s liaison, city planner Joseph Eisenberg, gave a background report on the project and noted that the NRD-1 gave the body broader review authority.

This project was also reviewed by the Wynwood Development Review Committee, which granted conditional approval Nov. 12, including asking the applicant to reconsider the proposed artwork screening on the northern garage levels, Mr. Eisenberg said.

Mr. Dombrowski said the developer is excited to bring this mixed-use project to a former industrial site in Wynwood with three frontages.

“We have a large courtyard,” he said, “retail uses on the ground floor, and a large pedestrian crosswalk … it fits the work-live-play vision, and there will be a lot of art opportunities.”

Mr. Fort showed site plans and project renderings, noting the design took into account promoting walkability in the neighborhood.

The architecture also uses rectangular cubic forms and alternating colors to help break up the façade, he said.

There’s not much shade in Wynwood, said Mr. Fort, so the site plan calls for bringing some shade trees in with a landscaping plan that includes palms and evergreens.

Board member Ligia Ines Labrada said the presentation was nicely done and she commended the developer’s team for providing access and cross sections with plenty of retail frontages, which she said will create a phenomenal urban experience.

“I have nothing but compliments for the project,” she said.

Board member Robert Behar said, “I also like the project. You’ve done a very nice job with it.”

Board member Ignacio Permuy was also a fan, commending the “exceptional” design.

“Terrific job,” was the assessment of board member Willy Bermello.

“I’ll vote for it. I really like how you resolved every aspect … I like the massing and articulation, particularly on the ground floor … I don’t have any concerns or objections,” said Mr. Bermello.

But board member Neil Hall was critical of the project. By bringing residential into Wynwood in this fashion, he said, “you destroy the brand.” It goes against the years of work to develop this neighborhood as a special area for “creativity and funkiness,” Mr. Hall said.

“The building you created looks more like it’s coming out of New York – I don’t see a Miami theme …,” Mr. Hall said. “The same thing happened in Midtown. We put up 30-story buildings and destroyed the feeling of Midtown.”

Board member Fidel Perez differed from Mr. Hall.

“You did an excellent job breaking up the uses,” Mr. Perez said. “This project is really well designed.”

 

Source:  Miami Today

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