Kobi Karp Designed Gateway at Wynwood Class A Office Complex Refinanced With $113 Million Loan

Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot, Class A office and retail project designed by Kobi Karp in Miami’s Wynwood District. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan on behalf of New York-based Rose & Berg Realty Group LP (“R&B Realty”), a family-owned real estate management, leasing and construction company. The property is leased to a diverse tenant roster including BoConcept, OpenStore and Veru. A10 Capital, a vertically integrated, full service commercial real estate lender, provided the 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. This time,

"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," said Foschini. "We are proud to have played a key role in helping our client move forward with its plans as it continues to attract strong office and retail tenants to the trophy property in the highly desired Wynwood area north of downtown Miami."

Designed by ‘starchitect’ Kobi Karp, Gateway at Wynwood is located at 2616 North Miami Avenue, in the epicenter of Miami’s Wynwood corridor, one of the most desirable 24-hour submarkets in the nation. It features approximately 220,000 square feet of Class A office space encompassing roughly 27,700 square feet of space on each of its floors. It features a private rooftop terrace with panoramic views, as well as 512 on-site parking spaces. The project also features 24,000 square feet of retail space and is centrally located at the convergence of the Midtown and Wynwood submarket’s’ high-traffic retail corridor, with immediate access to thousands of new residential units.

Gateway at Wynwood is just minutes away from Miami’s Central Business District (CBD), Midtown, Edgewater, the Arts and Entertainment District, Brickell, Miami Beach, and a variety of mass transit options including I-195, the Miami Metrorail and the new Brightline commuter rail line connecting Miami to Fort Lauderdale and Palm Beach.

R&B Realty Group's Kobi Karp-Designed The Gateway at Wynwood Nears Completion Revealing Vibrant Mural

The Gateway at Wynwood, a Class A office building developed by R&B Realty Group and designed by renowned Miami architect Kobi Karp, is nearing completion. The long-awaited exterior garage cladding, which depicts a vibrant mural, has been fully installed just in time for Art Basel next month. Additionally, the rooftop deck has been completed and signage is going up around the building. Located at the intersection of Wynwood and Midtown, the office building, which found inspiration in Wynwood’s innovative spirit and modern vibe, will allow Wynwood's new residents to walk to their offices and shops without having to get in their cars. Wynwood, which used to be home to neglected warehouses, is seeing a construction boom of condos and apartments and, now, office buildings as well.

The Gateway at Wynwood will offer about 195,000 SF of leasable Class A office space and nearly 25,900 SF of prime street-level retail space. Kobi Karp designed the environmentally responsible building with flexible floorplans, a private rooftop terrace, gym, unique bay window system, 24/7 on-site security, vibrant exterior cladding, and 2:1,000 on-site covered parking. This summer, R&B Realty Group announced the building's first office lease signed with biotech company Veru Inc. The eight-year, 12,155-square-foot lease will serve as the company's global headquarters and triple Veru's current office space.

Wynwood has developed into a new office submarket in Miami, creating competition for more established office markets such as Downtown Miami, Brickell, Aventura and Coral Gables. Several big-name companies have made Wynwood their home, such as Spotify, Live Nation, Veru and Founders Fund. New zoning has also attracted many multifamily developers such as Related Group, Lennar, Fisher Brothers, and AMLI Residential, who recently broke ground on one of the largest mixed-use multifamily developments to ever break ground in Wynwood.

The Kobi Karp-Designed Class-A Office The Gateway At Wynwood Powering Towards Completion

The Gateway at Wynwood, the newest Class-A office building in Wynwood’s emerging neighborhood and new office submarket, is powering towards completion in the second half of 2021 after topping off in December 2020 at 13-stories. The project, which is located at 2916 N Miami Ave., is being developed by R&B Realty Group and is designed by Kobi Karp. Plaza Construction is the general contractor. The Gateway at Wynwood will feature 195,000 SF of leasable office space, private rooftop terrace and 25,900 SF of retail space on the ground floor.

Wynwood is Miami’s newest and emerging office submarket and a hub for creative and innovative businesses. Many well known companies have already re-located office space to Wynwood including Spotify, WeWork, and Live Nation with other big names including Google, Apple Music and Dentsu looking to move into the area.

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