MIAMI—How hot is Wynwood? Two vacant warehouse properties in the emerging neighborhood just secured $9.75 million worth of non-recourse financing.

Aztec Group director Charles Penan and senior managing director Howard Taft arranged the loans. Specifically, Aztec arranged $6.25 million in non-recourse financing for a 26,765-square-foot vacant, industrial/flex building located at 201 Northwest 21st Street, and a $3.5 million non-recourse loan for a 20,530-square-foot vacant warehouse at 2217 Northwest Miami Court.

“In both transactions, the ownership has the opportunity to turn these vacant warehouses into active commercial real estate spaces,” says Penan. “That will further enhance the commercial and retail mix in the vibrant Wynwood Arts District, while enhancing the properties' long-term values.”