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Wynwood Keeps Up the Big Mo

MIAMI—“The borrower is one of the most active property owners in the area and a true pioneer for this location, which was an attractive component for the lender.”

By Jennifer LeClaire | jenniferleclaire | | Updated on May 03, 2016

MIAMI—The Wynwood HQ Building, a 28,200-square-foot, two-story, warehouse and office building located in Miami’s Wynwood Arts District , just secured $5 million interim financing. Wynwood is one of the largest and most prominent creative communities in the United States. CBRE vice chairman Charles Foschini and senior vice president Christopher Apone of CBRE’s Miami-based Florida Capital Markets team, arranged the financing on behalf of Metro 1 Properties . “Against a competitive field of options,” Foschini says, “we looked for a lending source that understood the Wynwood District and that would enable the most value creation at the lowest cost of capital.” City National Bank provided the loan. The funding will facilitate funding renovating and converting the facility into a class A showroom and retail destination with a second-story creative office component. “The deal represents the desire of established lending institutions like City National bank to gain a presence in the Wynwood neighborhood, which is undergoing unprecedented growth and value appreciation as evidenced by recent acquisitions by highly-sophisticated investors and institutions,” says Apone. “Furthermore, the borrower is one of the most active property owners in the area and a true pioneer for this location, which was an attractive component for the lender.” Built in 1965, the Wynwood HQ Building is located at Northwest 29th Street right next to the Rubell Family Collection Building. The property is within walking distance to a retailers, art galleries, and restaurants.

Wynwood In a record deal, 201 Northwest 21st Street recently sold for $22 million.yn
“Wynwood is continuing to transform into a highly sought-after location for businesses, investors, and developers, all seeking to benefit from the bustling creative renaissance that is taking place over the past few years,” Avison Young principal and managing director Michael T. Fay, tells GlobeSt.com. His firm is marketing “Two Aces,” a Wynwood portfolio offering 12,400 square feet of renovated “industrial chic” warehouse, gallery and showroom space.

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