Berkadia announces it has secured $27.5 million in senior and mezzanine financing for the acquisition of Cube WYNWD, a class-A office building with ground floor retail at the epicenter of Miami’s Wynwood neighborhood. Managing Director Scott Wadler and Senior Real Estate Analyst Michael Basinski of Berkadia’s Miami office arranged the financing on behalf of a JV between Tricera Capital and LNDMARK.
Amerant Bank provided $18 million in senior financing and Glacier Global Partners provided $9.5 million in mezzanine debt for the property’s acquisition and lease-up. Both amounts include future funding for the JV’s business plan.
“This asset is extremely well-positioned in the submarket and the timing could not be better with all the corporate migration moving to South Florida,” said Wadler. “The sponsors put this property under contract at a time when most other investors were pulling back on office, and now they are being rewarded for their foresight. This off-market transaction required creativity and coordination from some of the brightest professionals in the market, so we were glad to be a part of it.”
Built in 2019, Cube WYNWD is located at 230 NW 24th St. Designed by Arquitectonica, the property features 86,000 square feet of office space with over 9,300 square feet of ground floor retail. The sale also includes a proximate 15,000-square-foot parcel of land for parking at 2200-2220 NW 1st Ct.
Offering a rooftop terrace, the asset is designed with collaborative workspaces and areas that reflect the surrounding creative environment. Tenants include SPACES, a tech-forward co-working space, and Kissaki Sushi announced they will be opening a restaurant called “O” on the rooftop.
Wynwood has been highlighted recently with new to market tenants and concepts such as The Oasis – a multi-faceted restaurant/entertainment concept from Host Restaurants out of New York and retail tenants such as Pharrell’s clothing store, Billionaire Boys Club. In Feb 2021, Berkadia also closed on the $77M sale of Related and East End Capital’s The Bradley to Iconiq – an investment firm tied to prominent tech investors.
Tricera Capital is based in Miami and was established in 2017. They currently manage a portfolio of approximately 1.5M SF across 20 properties throughout the Southeast. Tricera’s unique approach to identifying off-market opportunities provides a necessary edge to outperform the competition and deliver superior returns. Tricera is involved in other joint ventures in Wynwood with LNDMRK and Related Group.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.