Dealmaker: Berkadia Arranges $113M to Refinance Miami Office Complex
(Gateway at Wynwood, Miami.)
Berkadia, New York, arranged $113 million to refinance Gateway at Wynwood, a 220,000-square-foot, Class A office and retail project in Miami’s Wynwood District.
Located at 2616 North Miami Avenue, Gateway at Wynwood sits in Miami’s Wynwood entertainment district. It includes 220,000 square feet of Class A office space with 24,000 square feet of retail space.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan for New York-based Rose & Berg Realty Group. Property tenants include BoConcept, OpenStore and Very.
A10 Capital, Boise, Idaho, provided a three-year loan with two one-year extension options.
Berkadia also secured the original construction loan for the project in early 2020 through lender 3650 REIT, Miami.
“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,” Foschini said.
Gateway at Wynwood is close to Miami’s central business district, Brickell, Miami Beach and tranportation options including I-195, the Miami Metrorail and the Brightline commuter rail line connecting Miami with Fort Lauderdale and Palm Beach.