No Comments

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.


No Comments

Retail Center In Miami Health District Fetches $349 PSF

Civica Center, a retail complex in the Health District of Miami, sold for $26 million.

RP 1050 NW 14th Street LLC, an affiliate of Dallas-based Rockpoint Group, sold the 74,463-square-foot retail property at 1050 N.W. 14th St. to TCD 212 Civica FL Property, an affiliate of Boston-based Taurus Investment Holdings. A10 Capital provided a $23.71 million mortgage to the buyer.

The price equated to $349 per square foot.

The two-story building was built on the 1.8-acre site in 2015. This is the first time it has sold.

Recent tenants in Civica Center include Quest Diagnostics, 7-Eleven, Montessori School, Gateway Dental, Salsa Fiesta, and Dunkin’.

In addition to the deal for Civica Center, Taurus paid $4.53 million to RCR Management for the neighboring building of 4,768 square feet at 1000 N.W. 14th St. It formerly had a bank.

There haven’t been many retail property sales in South Florida since the Covid-19 pandemic started. The drops in tourism and office occupancy have especially hurt sales in entertainment districts and downtowns. The Health District, however, remains busy as it’s home to major health care employers such as Jackson Health System and the University of Miami Health System.

However, the future of this property is likely to look very different.

Taurus said it plans to redevelop the site into a 62,500-square-foot facility with medical office and ground-floor retail and then construct a 460,000-square-foot medical office building on the parking lot behind the building.

“We feel that this acquisition is uniquely located in the heart of the Health District, and will provide much needed supply of medical office and research space to the area, resulting from new allocations made to medical research and development, due to the Covid-19 pandemic,” Taurus CEO Peter A. Merrigan said.


Source:  SFBJ

© 2023 FIP Commercial. All rights reserved. | Site Designed by CRE-sources, Inc.