East End, Related score $58M construction loan for Wynwood 25

Developers plan to break ground in July and deliver the building in 2019

Jun.June 27, 2017 03:35 PM

Renderings of Wynwood 25. Inset: Jorge Perez and Jonathon Yormak

East End Capital and the Related Group have closed on a $57.9 million construction loan for Wynwood 25, a mixed-use project planned for the artsy neighborhood.

According to property records, W25 Owner LLC took out the mortgage from Bank of the Ozarks for the nine-parcel, 1.74-acre development site west of Northwest Second Avenue at 339 Northwest 24th Street, across from KYU restaurant.

The developers plan to break ground July 10 and deliver the building in 2019, East End founder Jonathon Yormak told The Real Deal.

Wynwood 25, geared toward young professionals, will include 289 apartments, about 31,000 square feet of retail space and 340 parking spaces. Rents for the studio and one-bedroom apartments will start at about $1,400 a month, and will come with washer/dryers, high-end kitchens and bathrooms, and up to 12-foot ceilings.

Amenities at the project will include a gym with a yoga studio, workspaces, a coffee lounge that opens up to a 12,000-square-foot green courtyard, bike and package storage, dog wash facilities, and a landscaped roof with a pool, grill, and movie screen.

In February, the Wynwood Business Improvement District’s Design and Review Committee signed off on the first request to relocate a portion of the air rights above the Wynwood Arcade to Wynwood 25.

Related and East End Capital announced the joint venture of Wynwood 25 in May. The Miami-based Related Group, led by Jorge Perez, entered the Wynwood market in late 2015 when it purchased a 50 percent stake in Wynwood 26, another mixed-use project.

East End, meanwhile, delivered its first project, the Wynwood Arcade, last summer. The adaptive re-use project is home to the Salty Donut, among other restaurants and retailers.

Earlier this year, Goldman Properties secured a $22 million construction loan for an eight-story, 428-space parking garage at 2660 Northeast Third Avenue in Wynwood, marking the first new garage in the neighborhood.

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