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Newmark Arranges $91 Million Financing Of Kushner Companies, Block Capital Group’s Wynwood 27 & 28

Newmark announced it has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy Wynwood submarket.

The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Co-Presidents of Debt & Structured Finance, along with Executive Managing Directors Christopher Kramer and Nick Scribani, as well as Senior Managing Director Danny Matz from the Miami office, who provided regional support on the transaction. Valley National Bank and Israel Discount Bank provided the loan.

The project commenced construction in Q4 2021 and recently obtained its certificate of occupancy. At completion, the development will deliver 52,000 square feet of commercial office space, 33,000 square feet of ground-floor retail, 152 residential units and parking for 232 vehicles. Wynwood 27 & 28 rivals any asset in the area regarding product quality, build construct, design appeal and offering diversity. The property has been creatively designed and constructed with a modern style driven by smart, leading-edge amenities, including a full-scale garage, high-energy retail with innovative cuisine and fashion-driven qualities, spacious mid-rise apartments, modern open floor office configurations and outdoor terrace availability.

Wynwood 27 & 28 are surrounded by a diverse package of public amenities and attractions at the center of Wynwood – directly adjacent to the famous Design District and proximate to all major Miami destinations and minutes from primary beaches, Edgewater, Brickell, Downtown and Miami International Airport. The site location is highly advantageous, on a desirable plot seamlessly becoming an instant focal point of the popular submarket. Wynwood has emerged as a cultural epicenter, offering the trendiest locales and destinations for the new-era urban consumer.


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Kushner Lands $18M Loan For Wynwood Projects

Kushner Companies closed on a $17.55 million loan for its properties in Wynwood, records show.

Wynwood 2 Owner LLC, an affiliate of the New York-based real estate firm, secured the financing from CIT Bank for the properties at 108 and 127 Northwest 27th Street in Miami, where Wynwood 27 and Wynwood 28 are planned.

Kushner, led by Charles Kushner, Nicole Kushner Meyer and Laurent Morali, is partnering with the Miculitzki family’s Block Capital Group to develop the sites. They will have a total of 152 rental apartments, 50,000 square feet of office space, 34,000 square feet of retail space and parking.

In July, Kushner and Block Capital paid $32 million for a portion of their assemblage.

The partnership just paid $4.6 million for the two lots at 108 and 120 Northwest 27th Street. BM2 Realty brokered the latest deal, according to a press release.

Last month, the Miami Urban Development Review Board approved plans for Wynwood 28 to have nearly 15,800 square feet of commercial/retail space, 44,637 square feet of office space, 40 residential units, 232 parking spaces and 19 bicycle spots.

In all, Kushner Companies has rolled out plans to build three major apartment projects in South Florida that will bring a total of 3,000 units at a cost topping $1 billion. In addition to the Wynwood properties, the firm has an assemblage under contract in Miami’s Edgewater neighborhood in an Opportunity Zone, a development that’s expected to cost over $500 million and deliver more than 1,000 units in three phases.

The company also announced last year that it was under contract to purchase three properties for $49 million across the street from the Virgin Trains station in downtown Fort Lauderdale’s Himmarshee District.


Source: The Real Deal

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