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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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Iconic New York Eatery Joe’s Pizza To Open First Miami Location In Wynwood

DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez are curating one of Wynwood’s signature buildings with a compelling mix of tenants. In the latest example, the brokers represented Wynwood 25’s owners in a long-term lease with New York staple Joe’s Pizza.

Joe’s Pizza, the family owned and operated “Greenwich Village institution” since 1975, is set to open its first Miami location at Wynwood 25. The 1,758-square-foot eatery is scheduled to debut in spring 2022. It joins the award-winning Japanese restaurant Uchi Miami, Danny Meyer-backed Salt & Straw, Bartaco and Dogfish Head Miami as notable Wynwood 25 food-and-beverage tenants.

Wynwood 25 has 289 apartment units and about 30,000 square feet of retail and restaurant space.

“We are thrilled to play a pivotal role in Wynwood becoming one of Miami’s top food-and-beverage submarkets, in terms of both sales metrics and brand recognition,” Arellano said. “Demand from New York operators like Joe’s Pizza is at historically high levels. Wynwood 25, with its turnkey ground-floor restaurant space and proximity to thousands of residents, professionals and visitors, was a perfect option for Joe’s inaugural Miami location.”

Jared Robins, Founder of INHOUSE COMMERCIAL – a Miami-based firm launched in 2021 and focusing on retail leasing in South Florida, and John Ellis, Managing Director of Newmark, represented Joe’s Pizza in the Wynwood 25 lease.

Joe’s Pizza Founder Joe Pozzuoli is originally from Naples, Italy and still owns and operates his flagship New York location at 84 years old. His son, Joe, Jr., and grandchildren Sal and Pino Vitale are part of the ownership and operations team in Miami. Locals and tourists alike flock to Joe’s for an authentic New York street slice.

“After an extensive search, Joe’s Pizza zeroed in on Wynwood for its first foray into Miami,” Fernandez said. “With such a huge following up north, Joe’s will greatly benefit from the New York migration into Wynwood and the substantial pipeline of new office and residential development. The residential component of Wynwood 25 also made the building a particularly attractive option for Joe’s.”

Arellano and fellow Co-Founder and Managing Partner Devlin Marinoff have more than $100 million in pending transactions in Wynwood, and the firm has participated in more than $350 million in investment and development sales in the neighborhood over the last few years.

Over the course of his career, Arellano has completed more than 250 leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings into a vibrant hub for arts and culture, retail, restaurants and nightlife.

 

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