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Miami Rescue Mission obtained $22 million for its Wynwood property

The Miami Rescue Mission collected $22 million from the sale of most of its property in Miami’s hot Wynwood neighborhood.

The nonprofit announced in April 2015 that it hired FIP Realty Services to list the majority of its land in Wynwood for sale. Since then, the city approved a neighborhood rezoning that allows up to 150 units per acre of residential buildings of up to 12 stories. It’s already become a hot spot for art, restaurants and retail.

The Miami Rescue Mission sold 1.8 acres with 31,630 square feet of buildings in two deeds to RS JZ NW1 2200 LLC, an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital. AB Commercial Real Estate Debt provided a $12.6 million loan for the deal.

The price equates to $282 square feet of land.

Read more at South Florida Bizjournals

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