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

Miami /
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


Related Articles

arrow_forward_ios
(Facebook via Wynwood 25 and Joe's Pizza)
Lease roundup: New York pizzeria opening at Wynwood 25, logistics provider heading to Davie & more
Lease roundup: New York pizzeria opening at Wynwood 25, logistics provider heading to Davie & more
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The Dorsey project by Related Group in Wynwood and 2600 Sawgrass Mills Circle (Google Maps)
Lease roundup: New York hedge fund takes Miami space for second HQ, Sushi Maki expands to Fort Lauderdale
Lease roundup: New York hedge fund takes Miami space for second HQ, Sushi Maki expands to Fort Lauderdale
Developers of Society Wynwood mixed-use project scores $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
arrow_forward_ios

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

Loading...