A pair of mixed-use projects built in the last two years in Miami’s Wynwood scored loans totaling $237 million.
In the larger deal, funds managed by Ares Management and Monarch Alternative Capital provided a $178 million loan to an affiliate of New York and Miami-based Property Markets Group, or PMG, and Toronto-based Greybrook Realty Partners. The mortgage refinances a previous $142.3 million construction loan for Society Wynwood, a 10-story mixed-use building at 176 Northwest 25th Street and 2431 Northwest Second Avenue that the joint venture recently completed, a press release states.
Eastdil Secured arranged the loan, and law firm Stearns Weaver Miller represented PMG, the release states. In May, the joint venture sold 32,000 square feet of ground-floor retail space at Society Wynwood for $22.5 million to a partnership between Brian Mandell’s Tricera Capital, Alex Karakhanian’s Lndmrk Development and Michael Simkins’ Lion Development Group.
Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Las Vegas-based Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato, the release states.
In March, tenants began moving into Society Wynwood’s multifamily component, which consists of 318 units, according to the release. The apartments are split between traditional units and co-living units in which tenants rent by the room and share common living spaces.
PMG is led by CEO Kevin Maloney and managing partners Ryan Shear and Dan Kaplan. Greybrook is led by CEO Peter Politis.
In a smaller deal, Boston-based private equity firm Rockpoint nabbed a $58.9 million Fannie Mae loan for the multifamily component of Strata Wynwood, a mixed-use project at 21 Northeast 22nd Street in Miami, records show.
A Berkadia team led by Mitch Sinberg and Scott Wadler arranged the financing on behalf of Rockpoint, a separate press release states. Rising 12 stories, Strata Wynwood features 257 apartments, 61,503 square feet of offices and 27,040 square feet of retail space.
Rockpoint, led by Bill Walton, Tom Gilbane and Keith Gelb, acquired Strata Wynwood from project developer CIM Group when it was completed in 2022. Rockpoint acquired the ownership entity and did not buy the property in a traditional deed sale, so the purchase price is not known.