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Wynwood Development Gets Boost With $67 Million Construction Loan

A developer obtained a $66.9 million mortgage to build an apartment complex in Miami’s Wynwood Arts District.

A group of Illinois-based lenders consisting of CIBC Bank USA, First Bank Chicago and Republic Bank provided the financing to Wynwood Land LLC, a partnership between Chicago-based Fifield Cos. and Newark, New Jersey-based PGIM Real Estate. The lenders boosted a mortgage originally issued in 2022 by $53.16 million to $66.9 million now. The document lists the maturity date as March 20, 2027.

It secures the 1.41-acre site at 45 and 37 N.E. 27th St. The developers purchased the property for $19.5 million in 2022 and subsequently demolished the commercial buildings there.

The project, dubbed Wynwood Station, has been approved for 210 apartments, 11,500 square feet of retail space, and 296 parking spaces. Amenities would include a pool deck, an interior courtyard, coworking space, a lounge with a kitchen, a large fitness center, and a creative arts room.

Miami-based MSA Architects designed Wynwood Station.

In 2021, the mixed-use residential project was denied by the City of Miami’s Urban Development Review Board. The board voted unanimously on Nov. 17 to deny the project after voicing numerous concerns including the massing of the building, location of a trash chute, location of elevators, design of the parking levels and ramps, the width of a covered walkway, the size of a courtyard and more.

 

Source:  SFBJ

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