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Sterling Bay nabs $81M construction loan for Wynwood project
Bank OZK is the lender for 545wyn, a 10-story, mixed-use building
Sterling Bay closed on an $81 million construction loan for 545wyn, a mixed-use project it’s planning in Wynwood, property records show.
Bank OZK, formerly Bank of the Ozarks, is providing the financing for the 10-story development at 537-557 Northwest 26th Street and 530-550 Northwest 27th Street. Sterling Bay, a Chicago-based investment firm, closed on the Wynwood assemblage last week for $18.9 million.
Companies tied to Scott Srebnick, an attorney and husband of Wynwood developer Jessica Goldman Srebnick, and Howard Srebnick, sold the properties.
The Wynwood Design Review Committee approved plans for three new office developments in April, including 545wyn. The building will include 298,000 square feet of Class A office space, 26,000 square feet of retail space and 420 parking spaces. It will also feature an 18,000-square-foot tenant amenity floor, conference rooms, a wellness center and private tenant and open-air balconies.
CBRE is handling pre-leasing for the project, which is being designed by Gensler. The developer plans to break ground soon.
Sterling Bay purchased the site along with institutional investors advised by J.P. Morgan Asset Management. GTIS Partners, a New York-based investment firm with $4.6 billion of assets under management, is listed on a notice of commencement filed along with the construction loan.
In Chicago’s West Loop, Sterling Bay developed the global headquarters for McDonald’s. It also has plans to develop a $5 billion, 70-acre mega project in Chicago called Lincoln Yards.
Bank OZK, which has a branch in Wynwood, is the lender for a number of projects under construction in South Florida. This year, it provided a $558 million construction loan for The Estates at Acqualina in Sunny Isles Beach, the largest condominium construction loan ever in Miami-Dade County.