Kushner, Block Capital score $91M refi of Wynwood projects
Lenders are Valley National Bank and Israel Discount Bank
Kushner Companies and its local partner closed on a $91 million refinancing of Wynd 27 and Wynd 28, a mixed-use development in Miami’s Wynwood.
Valley National Bank and Israel Discount Bank are the lenders, according to a release. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer, and Laurent Morali, partnered with the Miculitzki family’s Block Capital Group on the two-building apartment, office and retail project at 127 Northwest 27th Street and 129 Northwest 26th Street. Leasing is underway, The Real Deal previously reported.
A Newmark team led by Jordan Roeschlaub and Dustin Stolly arranged the refinancing.
Together, the recently completed Wynd 27 and 28 include about 150 apartments, 52,000 square feet of office space, 33,000 square feet of retail, parking, and amenities such as co-working spaces and an outdoor pool deck and lounges.
The two buildings mark Kushner’s first investment in Wynwood. Kushner and Block Capital Group paid $32 million for the 1.5-acre assemblage in 2019. Two years later, they financed construction with a roughly $80 million loan from Axos Bank and Fortress. That financing replaced a $17.6 million loan CIT Bank provided in 2020.
More recently, Kushner entered into a joint venture to develop a mixed-use apartment complex on the Soho Studios event space site at 2136 Northwest First Avenue. Kushner is working with the Faith Group and Immocorp Capital on the Wynwood project, which could include 325 apartments and roughly 20,000 to 25,000 square feet of retail space.
Kushner, Immocorp and Faith Group are also working together on the multifamily component of a large site south of Steve Ross’ Hard Rock Stadium in Miami Gardens. Gilbert Benhamou, CEO of Immocorp, said in May that construction on the first phase, a 252-unit apartment project, is expected to begin by the end of the year.
In a separate deal, Kushner and PTM Partners plan a 1,300-unit, two-tower apartment development in Miami’s Edgewater neighborhood. And in Broward County, Kushner and Aimco also recently sold a piece of their three-lot assemblage near downtown Fort Lauderdale’s Brightlight station for $18.3 million.