Berkadia Arranges $113 Million Refinance of New Class A Office Complex in Miami’s Wynwood District Gateway at Wynwood was completed in 2022
MIAMI (February 15, 2023) – Berkadia announces it has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot, Class A office and retail project designed by Kobi Karp in Miami’s Wynwood District. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan on behalf of New York-based Rose & Berg Realty Group LP (“R&B Realty”), a family-owned real estate management, leasing and construction company. The property is leased to a diverse tenant roster including BoConcept, OpenStore and Veru.
Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT. Kapp Morrison LLP, a boutique law firm based in Boca Raton, provided legal counsel for the deal.
This time, A10 Capital, a vertically integrated, full service commercial real estate lender, provided the three-year loan, with two, one-year extension options.
“The volatility in the lending environment made this office refi transaction challenging, but our relationships with the lending community and the strength of this asset helped us secure one of South Florida’s largest office refis in recent times,” said Foschini. “We are proud to have played a key role in helping our client move forward with its plans as it continues to attract strong office and retail tenants to the trophy property in the highly desired Wynwood area north of downtown Miami.”
Designed by ‘starchitect’ Kobi Karp, Gateway at Wynwood is located at 2616 North Miami Avenue, in the epicenter of Miami’s Wynwood corridor, one of the most desirable 24-hour submarkets in the nation. It features approximately 220,000 square feet of Class A office space encompassing roughly 27,700 square feet of space on each of its floors. It features a private rooftop terrace with panoramic views, as well as 512 on-site parking spaces. The project also features 24,000 square feet of retail space and is centrally located at the convergence of the Midtown and Wynwood submarket’s’ high-traffic retail corridor, with immediate access to thousands of new residential units.
Gateway at Wynwood is just minutes away from Miami’s Central Business District (CBD), Midtown, Edgewater, the Arts and Entertainment District, Brickell, Miami Beach, and a variety of mass transit options including I-195, the Miami Metrorail and the new Brightline commuter rail line connecting Miami to Fort Lauderdale and Palm Beach.