July 6, 2021 1:00 PM
On behalf of The Related Group (Related), Newmark has arranged a $72.8 million loan to finance the construction of Wynwood 29, a mixed-use residential/retail asset situated on a 1.3-acre site in Miami, FL. The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Vice Chairmen and Co-Heads of the New York Debt & Structured Finance team, along with Senior Managing Directors Chris Kramer and Nick Scribani, Associate Director Don Pavlov and Associate Dominick Calisto. The loan was provided by Cerberus.
Located in the heart of Wynwood, the rapidly evolving neighborhood known as Miami’s centerpiece for arts and entertainment, the asset has a prime location near Midtown and Downtown Miami, the Miami Design District, Miami Beach and Miami International Airport. Once complete, the property will feature 248 luxury apartments, resort-style amenities, a 281-car garage and 26,650 rentable square feet of retail space located on the ground floor. The highly-amenitized residential component will include an expansive pool deck with outdoor kitchen, a world-class fitness center, generous co-working spaces and bike storage. In line with Related’s other projects in the area, Wynwood 29 is expected to be in a class of its own in Wynwood, as the district’s limited housing stock consists predominantly of 1950’s and 1960’s vintage low-density buildings averaging less than ten total units per building.
“Lenders showed highly competitive interest in Wynwood 29, indicative of the tremendous demand associated with one of the hottest markets in the US,” Stolly commented. “By leveraging this demand, we were able to achieve great execution for all parties involved.”
Roeschlaub added, “We were pleased to pair Cerberus up with an incredibly savvy sponsor and look forward to being a part of the relationship for years to come.”
For more than 40 years, Related Group has been elevating city skylines with developments characterized by innovative design and enduring quality and fostering environments that celebrate culture and active lifestyles.
“Marking Related’s fourth deal in the area, Wynwood 29 further demonstrates our commitment to Wynwood’s continued renaissance,” said Jon Paul Pérez, President of Related. “We are proud to play a part in the collaborative efforts to bring new energy to the neighborhood as we focus our investment and attention to delivering another true live-work-play residential community as vibrant as Wynwood is.”
About The Related Group
Established in 1979, The Related Group is Florida’s leading developer of sophisticated metropolitan living and one of the country’s largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed over 100,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio in excess of $40 billion over 40+ years.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities’ global culture and streetscapes.
Currently, The Related Group has over 70 projects in varying phases of development.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.