No Comments

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.

 

No Comments

Kushner, Faith Group And Immocorp Capital JV Plan Mixed-Use Apartment Project In Wynwood

Kushner Companies entered into a joint venture to develop a mixed-use apartment complex in Wynwood, as the New York firm completes its first projects in the neighborhood.

The latest development, to include 325 apartments and roughly 20,000 to 25,000 square feet of retail space, would rise on the Soho Studios event space site at 2136 Northwest First Avenue. The joint venture, which was finalized last month, is with the Faith Group and Immocorp Capital, according to sources. Faith and Immocorp are both based in Aventura.

Faith Group’s Soho LLC has owned the main parcel since 2009. Property records show Soho LLC secured an $11.3 million mortgage in March that can be increased to $22.5 million. Faith will likely transfer the site to an entity that includes all three partners. Construction could begin in 2025, a source said.

Kushner is also working with Immocorp Capital and Faith Group on the multifamily component of a large site south of Steve Ross’ Hard Rock Stadium in Miami Gardens. Gilbert Benhamou, CEO of Immocorp, said the partners plan to break ground on infrastructure work in the third quarter. Construction on the first phase, a 252-unit apartment project, is expected to begin by the end of the year.

The three partners are looking for more opportunities in South Florida, Benhamou said. He called the planned Wynwood development an “out of the box” project.

The Faith Group, led by founder Kevin Faith who represents other members of the Faith family, added to the site in recent years with the corner property at 2159 Northwest First Court. The assemblage totals 1.7 contiguous acres. It includes a 50,000-square-foot building that was constructed in 1929 and expanded in 1964; and a nearly 13,000-square-foot building constructed in 1962.

Kushner made its first investment in Wynwood in 2019. The firm, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, partnered with the Miculitzki family’s Block Capital Group to build Wynd 27 and 28. The two-building apartment, office and retail project is nearly completed and is being leased. In a separate deal, Kushner and PTM Partners plan a 1,300-unit, two-tower apartment development in Edgewater. In Broward County, Kushner and Aimco also recently sold a piece of their three-lot assemblage near downtown Fort Lauderdale’s Brightlight station for $18.3 million.

Development has exploded in Wynwood for new condominiums, thousands of apartments, office projects and ground-floor retail throughout the neighborhood. Investment has also spread to Wynwood Norte, which underwent a zoning overhaul in 2021 meant to encourage affordable housing development, preserve the area’s character, and create economic opportunities for small businesses and residents.

 

Source:  The Real Deal

No Comments

Former Kushner Exec Buys Miami Development Site In Wynwood

New York developer Jenny Bernell picked up a site in Miami.

Bernell, former executive vice president of development at Kushner Companies, paid $19.1 million for the assemblage at 2000 North Miami Avenue and 2021 Northwest Miami Court in Miami’s Wynwood neighborhood. She acquired the 1.4-acre development site via her new company, Clearline Real Estate, according to the listing brokerage.

A firm linked to LGL Realty, led by waste management and recycling principals Charles Gusmano and Charles Lomangino, sold the land.

Metro 1 founder Tony Cho and managing director Andres Nava represented the seller, LGL Realty. The site was on the market for $21.5 million, Nava said.

Bernell is founder and CEO of New York-based Clearline, which has multifamily and mixed-use projects in Florida, New York, Tennessee and New Jersey. Its planned pipeline totals about 1,500 multifamily units, according to Bernell’s LinkedIn. She worked for New York-based Kushner for nearly seven years until she left in early 2021.

Clearline plans a mixed-use project on the site that will likely include apartment rentals. Nava said the assemblage is the last undeveloped property in the area with zoning for more than 300 units. The land’s T6-8-O zoning allows for 310 units and 12 stories of development under Wynwood’s NRD-1 overlay district.

The seller paid $5.6 million for the properties between 2003 and 2007, records show.

 

Source:  The Real Deal

No Comments

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

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