May 30, 2023 9:00 AM
Newmark announces it has arranged a $91 million loan on behalf of Kushner Companies and Block Capital Group for the refinancing of Wynwood 27 & 28. The property is on NW 27th Street (adjacent to NW 2nd Ave) in Miami’s highly trendy, up-and-coming Wynwood submarket.
The Newmark team was led by Jordan Roeschlaub and Dustin Stolly, Co-Presidents of Debt & Structured Finance, along with Executive Managing Directors Christopher Kramer and Nick Scribani, as well as Senior Managing Director Danny Matz from the Miami office, who provided regional support on the transaction. Valley National Bank and Israel Discount Bank provided the loan.
The project commenced construction in Q4 2021 and recently obtained its temporary certificate of occupancy. At completion, the development will deliver 52,000 square feet of commercial office space, 33,000 square feet of ground-floor retail, 152 residential units and parking for 232 vehicles. Wynwood 27 & 28 rivals any asset in the area regarding product quality, build construct, design appeal and offering diversity. The property has been creatively designed and constructed with a modern style driven by smart, leading-edge amenities, including a full-scale garage, high-energy retail with innovative cuisine and fashion-driven qualities, spacious mid-rise apartments, modern open floor office configurations and outdoor terrace availability.
Wynwood 27 & 28 are surrounded by a diverse package of public amenities and attractions at the center of Wynwood – directly adjacent to the famous Design District and proximate to all major Miami destinations and minutes from primary beaches, Edgewater, Brickell, Downtown and Miami International Airport. The site location is highly advantageous, on a desirable plot seamlessly becoming an instant focal point of the popular submarket. Wynwood has emerged as a cultural epicenter, offering the trendiest locales and destinations for the new-era urban consumer.
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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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