A partnership led by the Pérez family’s Related Group and David Edelstein’s Tricap scored $141.5 million in financing for their planned NoMad Residences Wynwood.
Related Fund Management, the investment management arm of New York-based Related Companies, provided the developers with a $51.5 million mezzanine loan, according to a press release. Beverly Hills-based Kennedy Wilson provided a $90 million senior construction loan.
Related Group, Tricap and Alex Karakhanian’s Lndmrk Development launched sales of the project about two years ago.
Construction of the planned nine-story, 329-unit branded residential building started in October. It’s expected to be completed by the end of 2025. The building, at 2700 Northwest Second Avenue in Miami, will be NoMad Hotels’ first branded residential project. Andrew Zobler’s Sydell Group owns the NoMad brand.
The project is more than 80 percent presold to buyers with contracts, according to the release. Edgardo Defortuna’s Fortune Development Sales is leading sales and marketing of the units. They’ll range from 464-square-foot studios to 931-square-foot two-bedrooms and will be sold fully furnished. Prices start in the $600,000s.
The building will also include a rooftop NoMad restaurant and bar, a Casa Tua Cucina on the ground floor, a NoMad Library and Lounge for residents, a gym and a pool deck with cabanas.
Arquitectonica is the architect, and DesignAgency is handling the interiors.
The partnership acquired the nearly 1.3-acre property from Chinese lender Seven Valleys in 2021 for $26.5 million. Seven Valleys had taken the site over from RedSky Capital and JZ Capital Partners.
NoMad Residences is one of several branded condo buildings under construction in South Florida where buyers can rent their units out on a short-term basis and use the building’s property management team. Others include Natiivo Fort Lauderdale, Gale Hotel & Residences Miami and the Standard Residences Midtown Miami.
Just over half of the planned condo development pipeline from Miami’s Coconut Grove to Hillsboro Beach in Broward County is for short-term rental friendly buildings, according to ISG World’s first quarter report. Developers are planning 10,335 units in 31 buildings that will have few to no rental restrictions, of the total 20,613 condos that are in the works.
The prices for those units typically are more affordable than in traditional condo projects, which appeals to investors that want the rental flexibility, brokers say.
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