Related, East End score $136M refi of Wynwood projects

Wynwood 25 apartment building is now 90% leased

TRD MIAMI /
Feb.February 06, 2020 03:30 PM
Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Wynwood 25 and Wynwood Annex with Jonathon Yormak and Jon Paul Perez (Credit: East End Capital/Related Group)

East End Capital and the Related Group closed on a $136 million refinancing of two sister projects in Wynwood.

Blackstone Real Estate Debt Strategies provided the loan for the Wynwood 25 apartment complex and the Wynwood Annex office building, according to a press release. The financing will pay off the construction loans for both projects and return equity to their partners.

About $110 million is set aside for Wynwood 25, a 289-unit, nine-story rental building at 240 Northwest 25th Street, and $26 million is for Wynwood Annex, a 60,000-square-foot, Class A office building at 215 Northwest 24th Street.

Related and East End Capital were the first to open a new rental project in Wynwood, Wynwood 25. Completed in June, Wynwood 25 is nearly 90 percent leased, according to the release. Kobi Karp designed the building and Meshberg Group handled the interiors. Units range from about 400-square-foot studios to three-bedroom apartments. Amenities include a resort-style pool with a deck, fitness rooms with virtual classes, a library with a co-working space, a rooftop lounge and kitchen, pet grooming station, electric car charging stations and valet parking.

Retail tenants at Wynwood 25 include Salt & Straw, an ice cream shop, and Uchi, a Japanese restaurant out of Austin. They’re expected to open in the spring. Wynwood 25 has 25,518 square feet of retail space.

Next door, at the completed Wynwood Annex, tenants include Live Nation, which took 8,000 square feet. The office building has 4,429 square feet of ground floor retail space and a rooftop terrace with outdoor seating.

Developer David Edelstein recently sold an assemblage in Wynwood to multifamily giant AMLI Residential for $35 million. AMLI plans to develop that site into a mixed-use project with 321 residential units and 45,000 square feet of retail.


Related Articles

arrow_forward_ios
From top left, clockwise: Wynwood 28, the Allapattah apartment building, Miami Riverside Center, and the Target-anchored mixed-use project in Miami’s Overtown

Mixed-use projects from Swerdlow, Kushner, TSG Group proposed in Miami

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

David Edelstein and a rendering of the Wynwood site

David Edelstein sells Wynwood site to AMLI for $35M

University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

Boca Raton student housing scores $71M refi

Kobi Karp and the Miami Ad School property (Credit: Wikipedia)

Architect Kobi Karp buys Miami Ad School in Wynwood

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Jorge Perez and the development site

Related buys dev site in downtown Fort Lauderdale

Gateway at Wynwood and Rose & Berg Realty Group's Aron Rosenberg

Gateway at Wynwood scores $76M loan

arrow_forward_ios
Loading...