Berkadia Arranges $215 Million Construction Loan for Mega Mixed-Use Development in Miami’s Wynwood
Developed by L&L, Oak Row Equities and Shorenstein, Wynwood Plaza will be the largest mixed-use project in Wynwood
MIAMI (January 24, 2023) – Berkadia announces it has arranged $215 million in construction financing for Wynwood Plaza, a mega mixed-use development on a 2.85-acre site in Miami’s Wynwood Arts District. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia South Florida secured the financing on behalf of the developers, a joint venture between L&L Holding Company, a vertically integrated real estate company based in New York, N.Y., Oak Row Equities (formerly Carpe Real Estate Partners), a real estate private equity and development company based in New York, N.Y., and Shorenstein, a real estate investment company based in San Francisco, Calif.
Bank OZK provided the three-year, floating-rate loan with two one-year extension options.
The developers acquired the site, a 15-parcel assemblage, in late 2021 for $53 million, after filing plans for a development that would deliver one million square feet of office, retail, residential and outdoor entertainment space. The project, which Gensler is designing, is slated to complete in 2024.
“Wynwood has emerged as one of Miami’s busiest submarkets, with tech, financial and creative firms flocking to the area and driving demand for office, retail and residential space to all-time highs,” said Wadler. “Wynwood Plaza is poised to be a monumental project anchoring this dynamic community, and we were fortunate to find a lender who recognized the Sponsor’s unique vision and capabilities to execute it.”
Located at 95 Northwest 29th Street, Wynwood Plaza will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
The property is ideally located just minutes from Midtown, Edgewater, Brickell, and the Design District, and less than 30 minutes away from Miami Beach and Miami International Airport.