New Office-Apartment Project in Miami's Wynwood Gets $136 Million Refi
The refinancing closed out construction loans for the Wynwood 25 apartment building and the Wynwood Annex offices, which opened last year.
February 07, 2020 at 02:53 PM
3 minute read
The nine-story Wynwood 25 apartment building at 240 NW 25th St. in Miami's Wynwood Arts District. Courtesy photo
A recently completed office-apartment project in Miami's booming Wynwood Arts District just secured $136 million in refinancing to pay off construction loans.
The Wynwood 25 apartment building and adjacent Wynwood Annex office building opened last year.
Development team East End Capital, based in New York with a Miami office, and the Miami-based Related Group, founded and led by Jorge Perez, secured the loan from The Blackstone Group Inc.'s Blackstone Real Estate Debt Strategies.
The nine-story, 289-unit Wynwood 25 and the 60,000-square-foot Wynwood Annex sit on the northwest corner of Northwest Second Avenue and 24th Street.
Wynwood 25, which was completed last June, is 90% leased. The market-rate building at 240 NW 25th St. offers units from 400-square-foot studios to three-bedroom apartments. Amenities include an electric car charging station, heated pool with sundeck, rooftop lounge and kitchen, library with coworking areas, gym, pet grooming area and 24/7 concierge.
Wynwood Annex was built with an eye toward tenants in the technology, advertising and marketing fields. Its first tenant is the California-based Live Nation entertainment company, which took a full floor. The building has loft-style offices with 18-foot ceilings and a rooftop terrace.
The office building has 4,429 square feet of ground-floor retail and the apartment building has 28,518 square feet of retail, including the Salt & Straw ice cream shop and the Uchi restaurant, which will open soon.
The financing is another project milestone officially marking its completion, Jonathon Yormak, founder and managing principal at East End, said in a news release.
About $110 million of the proceeds was used for Wynwood 25 and the balance for Wynwood Annex.
The refinancing comes with Wynwood poised to evolve beyond its edgy arts image with several multifamily and office projects on tap.
Aside from Wynwood 25, Related Group also developed the 175-unit Bradley in partnership with others and plans the 182-unit W House apartments and the Wynwood 29 condominium.
Developer PMG, based in Miami and New York, is working on an eight-story building with over 220 apartments as well as a hotel, over 35,000 square feet of retail, and a rooftop bar and restaurant. The joint venture development team includes Greybrook Realty Partners based in Toronto, Canada.
An office market quickly is taking shape for the first time with the 12-story Cube Wynwd opening last year at 222 NW 24th St. On its heels is the 10-story 545Wyn set to open this year and the Gateway at Wynwood and Wynwood Square on tap for 2021.
Wynwood 25 and Wynwood Annex opened the door to the neighborhood's next stage as a residential and office market, Jon Paul Perez, executive vice president for Related, said in a news release.
"Wynwood 25 and the Annex ushered in a new era for Miami's most popular neighborhood, and the response from renters, tenants and the Wynwood community has been overwhelmingly positive," he said. "We look forward to continuing to bring these kinds of thoughtfully designed properties to Wynwood as it grows and evolves."
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