J Cube Development lands $10M for Wynwood sites

Miami /
Sep.September 17, 2015 03:45 PM

Remy Jacobson of J Cube Development closed on a combined $9.75 million in financing for two Wynwood properties, real estate investment firm Aztec Group announced on Thursday.

The first $6.25 million loan is for a 26,765-square-foot industrial/flex building at 201 Northwest 21st Street. Wynwood Propco LLC, led by Jacobson, paid $3 million for the 1.1-acre parcel in October, Miami-Dade property records show. Jacobson is principal of J Cube Development.

The property has more than 200 feet of frontage along Northwest Second Avenue and will be a “catalyst for future development” according to a press release.

Aztec also arranged $3.5 million for the property at 2217 Northwest Miami Court. Wynwood Design Center LLC, also led by Jacobson, owns the vacant 20,530-square-foot warehouse, with plans to retrofit it into a mixed-use property with retail stores, restaurants and offices. The LLC paid $2.43 million for it in 2013, according to property records.

City National Bank is the lender for both loans, Aztec said. Charles Penan, Aztec director, and Howard Taft, senior managing director, arranged the loans.

“In both transactions, the ownership has the opportunity to turn these vacant warehouses into active commercial real estate spaces that will further enhance the commercial and retail mix in the vibrant Wynwood Arts District, while enhancing the properties’ long-term values,” Charles Penan said in the press release.

The city of Miami’s Planning, Zoning and Appeals Board recently approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood. The recommendations must still be finalized by the city commission. – Katherine Kallergis


Related Articles

arrow_forward_ios
Keith McNally with Stephen Starr and David Edelstein (Getty, Patrick McMullan/Getty)
Pastis to open Miami restaurant in Wynwood
Pastis to open Miami restaurant in Wynwood
Clockwise: 310-318 Northwest 25th Street, Chaim Cahane, Jonathon Yormak and Jon Krasner 
Wynwood developer sells retail property in foreclosure for $12M
Wynwood developer sells retail property in foreclosure for $12M
Rendering of Cube Wynwd
Kissaki restaurateur to open first Miami outpost in Wynwood
Kissaki restaurateur to open first Miami outpost in Wynwood
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)
Goldman Properties buys Wynwood property for discounted $5M
Goldman Properties buys Wynwood property for discounted $5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...