Lender closes on RedSky and JZ’s Wynwood assemblage

Partnership bought the properties for $31M in 2016

Miami /
Oct.October 01, 2020 12:40 PM
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

UPDATED, Oct. 8, 9:35 a.m.: RedSky Capital and JZ Capital Partners’ lender closed on a site the joint venture owned in Wynwood.

An affiliate of Seven Valleys, a lending firm founded by Chinese real estate moguls Zhang Xin and Pan Shiyi, took over ownership of the assemblage at 257 Northwest 27th Street; 252, 268 and 276 Northwest 27th Terrace; and 2700 Northwest 2nd Avenue.

Seven Valleys is also RedSky’s lender on a refinancing for a full block development site in New York’s Greenpoint waterfront, a property that was listed for sale for $165 million earlier this year.

RedSky, a Brooklyn-based real estate company, and Manhattan-based investment firm JZ sold the Wynwood properties to SV 2700 Owner LLC for $26 million, marking a loss from its previous sale.

The joint venture acquired the roughly 1-acre site in 2016 for nearly $31 million. Goldman Properties, which planned a mixed-use development with 72 residences, 68 hotel rooms, about 11,000 square feet of ground floor retail and 47,000 square feet of offices, sold the land to the RedSky partnership. It houses a two-story building built in 1945.

Earlier this year, RedSky’s Miami Design District portfolio, encompassing 14 buildings with 125,000 square feet of space, hit the market unpriced.

And in August, JZ wrote down to zero its stakes on portfolios in Brooklyn and Miami’s Design District.

RedSky, founded in 2006 by Ben Bernstein and Ben Stokes, is the biggest retail landlord in Williamsburg, where it has brought in brands including Sephora, Sweetgreen, Urban Outfitters and Toms. Since 2013, the company has purchased more than $500 million of real estate in the Miami Design District, Wynwood and West Palm Beach.

This story has been updated to reflect that Seven Valleys was RedSky and JZ’s lender for the Wynwood assemblage. 


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