East End Capital scores $30M financing for Wynwood Arcade, nearby warehouses

Part of loan covers the build-out of tenant spaces, including a new taco and tequila restaurant, a wine and tapas bar and a fast-casual poke restaurant

Jun.June 20, 2018 02:45 PM

Wynwood Arcade and Jonathon Yormak (Credit: East End Capital)

More retailers and restaurants are coming to Wynwood.

East End Capital just scored $30 million in financing for the build-out of tenant spaces at its Wynwood Arcade development, as well as for some surrounding warehouses that the developer assembled between 2014 and 2016.

The warehouses along Northwest 24th and 25th streets recently signed on taco and tequila restaurant Bartaco and the Spanish-inspired Barcelona Wine Bar. About $18 million of the financing will cover the build-out of the spaces, according to a press release. The restaurants will share a 4,600-square-foot outdoor patio. Both plan to open next year.

East End is also in the midst of building about 20,000 square feet of commercial space at the warehouse project, located at the intersection of Third Avenue and Northwest 25th Street. The space has not yet been leased, according to the release.

The remaining $12 million will go toward the Wynwood Arcade. New tenants at the project include the fast-casual poke restaurant OOH RAW, and women’s clothing boutique Shirlanka.

East End bought the property at 50 Northwest 24th Street in 2014 for $5.37 million. Two years later, it secured a $10.5 million loan to pay off construction financing as well as other debt.

The Arcade is anchored by In the Kitchen with Norman Van Aken and his cooking school. The 25,000-square-foot development has four entrances, an open-air atrium, a cascading staircase and a rooftop bar and lounge. Other tenants include The Salty Donut and Patrizia Bozzi Design.

Rialto Capital Management provided the loan. Aaron Appel and Jonathan Schwartz with JLL Capital Markets in New York helped arranged the financing for East End Capital. JLL’s Zach Winkler handles leasing at Wynwood Arcade, while leasing at the Wynwood warehouses is handled by Sara Wolfe of Koniver Stern Group. – Amanda Rabines

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