Moishe Mana secured a $275 million line of credit for a portion of his Wynwood portfolio, which could be a sign that he plans to redevelop the properties.
A Mana affiliate borrowed $58.2 million from the credit line, records show. Centennial Bank is the lender. It’s collateralized by the properties surrounding his Mana Wynwood Convention Center, but the loan documents do not include the convention center. A spokesperson for Mana declined to comment.
The properties are on Fifth and Sixth avenues and 22nd and 23rd streets:
The city of Miami approved a special area plan for Mana’s assemblage in 2016. It called for 51,000 square feet of civic space, about 3,500 residential units, 8,500 parking spaces, and a 2.5-acre privately owned park called Mana Commons. The size of the SAP has varied, but Mana’s website describes it as a 30-acre project.
In 2018, Centennial provided Mana with a $20 million loan for the planned Mana Wynwood Americas-Asia Trade Center & International Financial Center. The project is aimed at facilitating trade between China and Asia, Latin America, North America and the Caribbean. The first phase of the trade center called for 4.68 million square feet of Class A office space, showrooms, retail, hotels and public space spread across 8.5 acres.
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The existing 100,000-square-foot convention center, which has hosted The Real Deal’s annual Miami event, spans 100,000 square feet of indoor space and on-site parking. It has also hosted Spectrum, Red Dot and Pinta Art Fair.
As part of the deal for the SAP, the Wynwood Business Improvement District and Mana agreed to split the developer’s project into two phases. The trade-oriented towers along Northwest Fifth Avenue can only be built after receiving building permits for a large portion of the culture- and education-centric eastern half on Northwest Second Avenue, which includes the Mana Commons.