The Real Deal Miami

Greenstreet joins Related and Block Capital’s Wynwood project as equity partner

Investment firm is pumping $20M into the mixed-use rental building
By Katherine Kallergis | June 11, 2018 12:30PM

Rendering of the Bradley, Jon Paul Perez and Scott Wadler

The Related Group and Block Capital Group secured more than $53 million for the Bradley, a mixed-use project they’re building in Wynwood.

The developers closed on a $33.18 million construction loan from Santander Bank and received $20 million in preferred equity from Greenstreet Real Estate Partners, according to HFF. HFF’s Scott Wadler and Jesse Wright arranged the financing.

The Bradley, previously called Wynwood 26, will be a 175-unit apartment building with about 32,000 square feet of retail space at 51 Northwest 26th Street in Miami. Lenny Kravitz’s Kravitz Design is handling the building’s interiors and programming, which includes the lobby, gym and rooftop deck. Units will range from 480-square-foot studios to 1,000-square-foot, three-bedrooms, with rents from about $1,400 to $2,800 a month.

Related and Block Capital expect to deliver the building in early 2020. Related partnered with Block Capital when it paid $5.25 million for its 50 percent share of the 1.2-acre development site in 2015.

Related is also working with East End Capital on Wynwood 25, a mixed-use apartment project and adjacent office building that recently topped off.

Coconut Grove-based Greenstreet owns properties in South Miami and Miami’s MiMo District. The firm has acquired more than $1.5 billion in real estate since it was founded in 2000, according to the company.