The Lincoln Coconut Grove Locks Down $58 Million Construction Loan

The Lincoln Coconut Grove has locked down a $58 million construction loan for the luxury boutique condominium with 48 spacious residences in the heart of Coconut Grove, Florida. The project has begun construction and is scheduled to be completed by Q3 2028. Berkadia, a distinguished leader in the commercial real estate sector, arranged the 30-month construction loan, which includes two six-month extension options, and was provided by SME Capital.

Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia Miami, along with Senior Managing Director Mitch Sinberg, Matt Robbins and Brad Williamson, secured the financing on behalf of the development team: LORE Development Group (a joint venture formed by Leste Group and Opportunity Fundo de Investimento Imobiliário) and Element Development.

One Sotheby’s International Realty is the exclusive sales and marketing broker for The Lincoln, which has surpassed the 40% sold milestone.

“The Lincoln speaks directly to the sustained demand we’re seeing from both capital providers and discerning buyers for boutique, design-forward residential product in Coconut Grove,” said Wadler. “Lenders and equity partners continue to gravitate toward experienced sponsorship delivering thoughtfully curated communities in supply-constrained submarkets like the Grove.”

Added Dockerty, “The combination of limited new boutique inventory, strong pre-development interest and Coconut Grove’s enduring appeal as a family-oriented, lifestyle-driven neighborhood created a compelling opportunity for this capitalization.”

Located at 2650 Lincoln Avenue in Coconut Grove, The Lincoln features a collection of one- to four-bedroom residences – including six stunning penthouses with up to 3,633 square feet – with in-suite dens for versatile living, spacious private balconies, expansive walk-in closets, and custom chef-inspired Snaidero kitchens.

Building amenities at The Lincoln include a luxurious mix of spa-inspired wellness areas with sauna, steam room and hot and cold plunges, a state-of-the-art fitness center, golf simulator, co-working lounge and media area, as well as an enclosed private dog park and pet grooming room.

A resort style 40-foot long heated rooftop pool and observation deck features panoramic bay and city skyline views, private cabanas, an outdoor yoga and meditation area, lounge sitting area, and summer kitchens with outdoor grills designed to foster an exclusive sense of community for residents. Additional amenities include assigned and valet parking, 24/7 front desk and night security services, private storage rooms, and an enclosed bicycle area available to all owners.

All residences feature designer kitchens with quartz stone countertops. Miele appliances include a built-in wine refrigerator, 36-inch induction cooktop, wall-mounted oven, microwave and speed oven, and an integrated refrigerator tailored to each residence. Bathrooms offer floor-to-ceiling glass shower panels, resort-inspired vanity designs, premium fixtures, elegant Toto toilets, and marble countertops.

The property is ideally situated in the heart of The Grove with easy access to beautiful parks, marinas, top-rated schools, high-end restaurants, hotels and boutiques, along with nearby Coral Gables, Brickell, Downtown, and the Beaches.

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Mast Capital And Koch Real Estate Investments Acquire The Islands of Islamorada Resort In The Florida Keys, Set To Launch Sales of Private Waterfront Villas

Mast Capital, in partnership with Koch Real Estate Investments, has acquired The Islands of Islamorada Resort, a luxury resort in Islamorada, Florida, offering convenient access to the Florida Keys’ renowned boating, fishing, dining and outdoor recreation destinations.

The joint venture of Mast Capital and Koch Real Estate Investments acquired the resort from the seller Frisbie Group. Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate. It was reported in July 2024 that Wills Company had acquired the property for $72 million but Frisbie Group retained a stake in the partnership.

Located at 82779 Old Highway in the Upper Keys, just 90 minutes from Miami, The Islands of Islamorada Resort features 22 private, oceanside villas and eight hotel suites across a serene and exclusive enclave. The luxury resort offers direct water access and an elevated hospitality experience in one of the Florida Keys' most sought-after destinations.

Spanning approximately seven acres of exceptional shoreline property in Islamorada, known as the "Sport Fishing Capital of the World," the resort offers an array of upscale amenities, including two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar and a state-of-the-art fitness center. Guests also enjoy access to a private marina with boat slips, paddleboards, kayaks and sailboats for leisurely coastal pursuits, as well as personalized concierge services and event spaces for weddings, corporate retreats and other special occasions.

The new ownership group plans to re-launch sales and marketing efforts for the property's 22 waterfront villas, with Ocean Sotheby's International Realty serving as the exclusive sales broker. With prices starting at $3.8 million, the fully furnished, detached residences span 4,067 total square feet and feature four bedrooms, four full bathrooms, three-story layouts with covered waterfront loggias primed for outdoor entertaining, two-car garages with EV charging capabilities, premium finishes and appliances, integrated smart-home technology, and concrete block construction built to current hurricane code standards.

"The Florida Keys represent one of the country's most supply-constrained hospitality markets, where exceptional waterfront assets continue to benefit from strong long-term demand and high barriers to entry," said Jordan Kornberg, Chief Investment Officer of Mast Capital. "The Islands of Islamorada offers villa buyers a unique opportunity to own a newly built, high-quality residence in the heart of the Florida Keys with the lifestyle of a luxury resort and ability to generate income through the resort’s rental program."

“The financing reflects continued lender confidence in well-capitalized sponsors pursuing differentiated and high-barrier investments in supply-constrained markets like the Florida Keys," Wadler said. "The Islands of Islamorada offered a rare combination of an irreplaceable waterfront location, luxury condo-hotel product and an experienced ownership group with a clear business plan, allowing the financing to come together on an accelerated timeline."

The acquisition further expands Mast Capital's growing hospitality portfolio across Florida as it continues to invest in premier leisure and lifestyle destinations. The firm's hospitality holdings include the three Michelin-key destination Little Palm Island Resort & Spa in the Florida Keys, one of the state's most exclusive luxury island retreats and America’s only private island resort, accessible only by sea or sky. The firm also owns the iconic Saddlebrook Resort in Tampa Bay, a 480-acre property that recently relaunched following a transformative renovation.

In addition to its hospitality assets, Mast Capital is also currently advancing several high-profile residential projects, including The Perigon Miami Beach, an ultra-luxury oceanfront condominium developed alongside Starwood Capital Group; Cipriani Residences Miami, an 80-story luxury residential tower that recently topped off in Brickell; and Banyan Tree Residences West Palm Beach, Banyan Group’s first-ever residential project in the U.S. being developed in collaboration with Curated JCZM Development.

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Gatsby Florida Secures $100.4 Million Refinancing Facilitated by Berkadia For DiVosta Towers Class A Office Campus in Palm Beach Gardens

Berkadia, a distinguished leader in the commercial real estate sector, has facilitated a $100.4 million loan for Gatsby Florida to refinance DiVosta Towers, a 220,000-square-foot Class A office campus in Palm Beach Gardens, Florida. One of the newest trophy office towers in Palm Beach County, DiVosta Towers consists of two 11-story office towers and a connected structured parking facility. The property is fully leased and home to a diverse roster of national and global tenants.

Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the sponsor, Gatsby Florida.

Cirrus Real Estate Partners provided a three-year, floating-rate, interest-only loan. Proceeds will refinance the existing loan Berkadia arranged in 2022 and position the asset for continued performance.

“In today’s lending environment, office is the most scrutinized asset class, and refinancing even high-quality properties has become increasingly selective,” said Foschini. “DiVosta Towers stands apart. With full occupancy, institutional-caliber tenancy, and a location where new supply is effectively constrained, this was exactly the type of asset lenders are still willing to back.”

“Palm Beach Gardens has emerged as one of the strongest office submarkets in the country, supported by strong in-migration and massive corporate investments in and around West Palm Beach,” added Wadler. “Office rents are up more than 90% over the past decade, and that growth is being driven by real fundamentals. The building’s location and performance coupled with best-in-class ownership and management made this deal possible. The Gatsby Florida team has employed a class-leading tenant program in the building and continues to outperform in the state.”

“Since taking ownership of the properties in 2020 and completing the full lease-up and construction of the towers we have been able to attract, and continue to attract, some of the best global firms to our property,” added Isaac Schalom, Vice President, Gatsby Florida. “By having a hands-on approach to the management, leasing and all other aspects we continue to add value to this strategic asset in Palm Beach County.”

Located at 3825 and 3835 PGA Boulevard, DiVosta Towers was completed in 2019 and 2020 and is a highly visible landmark along I-95, distinguished by its two Louvre pyramid-inspired architectural frameworks. It was the first new office development delivered in the submarket in more than a decade. Tenants include JP Morgan, Wealthspire Advisors, Virtu Financial, and others.

The campus features floor-to-ceiling glass, 10-foot ceiling heights, and a best-in-class amenity package, including structured parking with direct lobby access, tenant conference and event space, high-speed elevators, EV charging stations, and outdoor gathering areas. DiVosta towers in the newest office building in the submarket in over 15 years.

“These buildings are visible 24/7 from I-95, A1A, PGA Boulevard, and other streets throughout Palm Beach Gardens. They are iconic in design and an example of our firm’s brand. We are very happy with their performance and look forward to maintaining this standard across all of our properties. We are excited to begin construction this year on the newest office tower in this underserved market—The Modern. This building will complement what we have achieved at DiVosta Towers and serve best-in-class global tenants relocating to Palm Beach County,” said Babak Ebrahimzadeh, President of Gatsby Florida. Tenants benefit from immediate access to more than 2.5 million square feet of surrounding retail, including The Gardens Mall, as well as a 130,000-square-foot Life Time fitness facility directly across the street. The property is prominently positioned along PGA Boulevard and State Road A1A, one of the region’s most sought-after commercial corridors.

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Constellation Group and The Boschetti Group Secure $67.5 Million Construction Loan For Cora Merrick Park

Constellation Group and The Boschetti Group announced the successful closing of a $67.5 million construction loan for Cora Merrick Park, a boutique residential condominium centered on wellness in Coral Gables. Located at 4241 Aurora Street in the heart of the exclusive Merrick Park neighborhood, Cora will deliver 74 thoughtfully designed residences that reflect a modern, wellness-oriented approach to living.

Located in one of Coral Gables’ most supply-constrained neighborhoods, the 74-residence project is designed to offer a more private, wellness-oriented residential experience within walking distance of premier shopping, dining and office destinations

Lender BHI provided the financing, which was arranged by a Berkadia Miami team led by Scott Wadler and Matt Nihan.

“This is an important milestone for CORA Merrick Park and the larger Coral Gables community” said Eduardo Otaola, Principal at Constellation Group. “Securing financing from BHI, a well-respected regional lender, is a strong validation of both the market opportunity and the differentiated vision behind Cora Merrick Park. In today’s financing environment, lender support at this level reflects confidence not only in the project itself, but also in the long-term strength of the Coral Gables market. With construction now underway, we believe Cora represents one of the most compelling new residential offerings in Coral Gables and a distinctive long-term addition to the neighborhood.”

With financing secured and construction underway, Cora Merrick Park continues to gain momentum as one of the few boutique condominium developments in Coral Gables actively under construction

Scott Wadler of Berkadia added, “In today’s more selective lending environment, capital is gravitating toward best-in-class sponsorship, irreplaceable locations and projects that clearly differentiate themselves – and Cora Merrick Park checks every box.”

Construction on Cora Merrick Park began in April and is expected to be completed in 2028.

Priced from the $900,000s to over $4 million for penthouse residences, Cora Merrick Park is designed by acclaimed architecture firm Arquitectonica with interiors by Urban Robot. The project is among the first condos in Miami seeking certification through the International WELL Building Institute (IWBI) WELL for residential program, an evidence-based, third-party certification aimed at creating healthier, more resilient homes.

With wellness programming overseen by Spanish wellness firm Lamarca Well – known for creating Madrid’s first wellness hub – amenities and operations at Cora Merrick Park are centered on biohacking and longevity, featuring advanced air and water purification systems, noise-reducing acoustic design, non-toxic building and cleaning materials, a fitness center with a dedicated recovery zone, and a spa with infrared sauna, steam room, contrast hydrotherapy pools and red-light therapy panels.

Residents will also enjoy a resort-style rooftop pool deck, yoga and meditation area, lobby tearoom and the first rooftop padel court in Coral Gables. Outside, an original sculpture by celebrated Catalan artist Jaume Plensa anchors a lush 5,000-square-foot park that the developer is donating to the City.

Cora Merrick Park offers 13 unique floor plans ranging from one-bedroom residences to expansive three-bedroom-plus-den penthouse homes. Residences feature 10-foot ceilings, Italkraft kitchens, Sub-Zero and Wolf appliances, designer stone countertops, custom porcelain flooring and spacious walk-in closets. Select residences also include expansive private lanais.

The project is directly across from Shops at Merrick Park and within walking distance of downtown Coral Gables and the Metrorail, providing convenient access to Coconut Grove, the University of Miami and Downtown Miami/Brickell. It is also located one block from 4225 Ponce, the recently completed Class A, boutique office building anchored by wealth management firm UBS, also developed by Constellation Group and The Boschetti Group.

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MG Developer and Vertical Developments Secure $100 Million Construction Loan for Alhambra Parc in Coral Gables

MG Developer and Vertical Developments have closed on a $100 million construction loan for Alhambra Parc, their landmark mixed-use development located in the heart of Coral Gables.

Developed by MG Developer and Vertical Developments, Alhambra Parc received financing from Benmark Capital, a real estate private equity firm based in Miami and New Jersey. Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia led the transaction in securing the loan on behalf of MG Developer and Vertical Developments, with additional support from Berkadia Senior Managing Director Mitch Sinberg, and Managing Directors Matthew Robbins and Brad Williamson.

“Securing this financing is a clear demonstration of the strength of Alhambra Parc, the quality of the project, and the confidence our partners and financial institutions continue to place in our vision,” said Alirio Torrealba, CEO of MG Developer. “We are proud to advance another transformative project in Coral Gables, a city to which we have been deeply committed for more than a decade. Alhambra Parc reflects our belief that great developments should create lasting value for investors, residents, and the broader community. We are also fortunate to have Vertical Developments as a partner whose shared vision, professionalism, and expertise have been instrumental in bringing this project forward.”

The closing represents a significant milestone for Alhambra Parc and reinforces strong institutional confidence in the vision, execution, and long-term commitment to Coral Gables. It also marks MG Developer’s 10th project in the city, further solidifying the firm’s role as one of the most active and established developers in the market.

“This achievement marks a major milestone for Alhambra Parc and reflects our confidence in Coral Gables as one of South Florida’s most dynamic and resilient markets,” said Fernando de Nunez y Lugones, CEO of Vertical Developments. “With our headquarters in the city and several significant projects underway, we remain committed to creating destinations that contribute to the community’s long-term growth and vitality. It has also been a privilege to partner with MG Developer, whose deep market knowledge, proven track record, and commitment to excellence have been instrumental in advancing a project that will deliver lasting value for both residents and the city.”

“Alhambra Parc is the result of a shared vision between two organizations that firmly believe in creating exceptional communities,” added Torrealba. “MG Developer’s experience and track record in Coral Gables, combined with the reach, innovation, and institutional capabilities of Vertical Developments, have made it possible to create a project that will bring lasting value to the city and contribute positively to its evolution over the coming decades.”

Located at 33 Alhambra Circle, Alhambra Parc is a premier mixed-use development featuring 74 one-, two-, and three-bedroom luxury residences, 13,000 square feet of office space, and nearly 18,000 square feet of curated retail in one of South Florida’s most sought-after neighborhoods. Designed by Bellin & Pratt Architects, with amenities and common areas by Ray Jimenez of Raymond Nicholas and interiors by Carlos Guevara, the project reflects both developers’ ongoing commitment to high-design, walkable urban living in Coral Gables.

Renderings via Ray Jimenez and Carlos Guevara

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Berkadia Secures $57M Bridge Loan for Midtown Capital Partners’ Lake Worth Apartment Project

Berkadia has arranged a $57 million bridge loan to refinance the construction debt on Astor Sound at Lake Worth, a new 230-unit multifamily community in Palm Beach County that is nearing completion.

The financing team included Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, along with Vice President Patrick Johnson. The loan was secured on behalf of the sponsor, Midtown Capital Partners, a Miami-based real estate investment advisor, operator, and developer with a portfolio spanning the U.S. and Spain. Infinity Collective originated the two-year loan, which includes an option for a six-month extension. The transaction closed on September 19.

Located at 2201 Tenth Avenue North, Astor Sound is designed as a garden-style community with four residential buildings ranging from two to five stories, along with a clubhouse on a 6.5-acre site. The property offers one-, two-, and three-bedroom floor plans sized between 715 and 1,160 square feet. Units feature chef-inspired kitchens with center islands, quartz countertops, luxury flooring, front-loading smart washers and dryers, and oversized walk-in closets.

Community amenities include a resort-style pool with pavilion and summer kitchen, fitness center, co-working lounge, coffee bar, game room, conference room, dog park and spa, and outdoor trails. The development is located minutes from downtown Lake Worth, with convenient access to I-95, Palm Beach State College, HCA Florida JFK Medical Center, and Palm Beach International Airport.

Founded in 2010, Midtown Capital Partners is an SEC-registered, vertically integrated real estate firm with offices in Miami, West Palm Beach, and Madrid. The company oversees more than $1 billion in assets across 22 investment vehicles, representing over 200 investors.

'Wynwood Haus' Locks Down $56 Million Refinancing of Multifamily Apartment Tower Overseen By Berkadia

Berkadia, a distinguished leader in the commercial real estate sector, announces it arranged a $56 million loan to recapitalize Wynwood Haus, a newly built 224-unit multifamily community with ground-floor retail located at the entrance to Miami’s Wynwood neighborhood.

Managing Directors Brad Williamson and Scott Wadler of Berkadia Miami and Senior Managing Directors Chris Ellis of Berkadia Denver and Mitch Sinberg of Berkadia Boca Raton, along with Managing Director Matt Robbins, Vice President Abigail Beauchamp and Director Jared Hill, arranged the financing on behalf of the joint venture sponsors, Miami-based real estate investment, development and design firm LD&D (in a joint venture with IGEQ), national real estate firm Black Salmon, and Salt Lake City-based Bridge Investment Group.

Fannie Mae provided the seven-year, fixed-rate loan with full-term interest-only. The property was 94% occupied. The deal closed on July 21.

Completed in 2024 at 1765 N. Miami Avenue, Wynwood Haus is a 20-story property located at the entrance of Wynwood and offers studios, one- and two bedroom-units, along with 6,824 square feet of ground floor retail. One hundred of the apartments are workforce housing for families earning 100 to 140% of area median income (AMI). Modern details and finishes include floor-to-ceiling windows, oversized balconies, full-size in-unit washer and dryer, wireless-controlled smart thermostat, 10-foot ceilings, walk-in closets in most units, a rain shower, and secure keyless entry. Community amenities include a pool and sun deck with bay views, a fitness center and outdoor terrace, a co-working area and conference room, library, resident lounge, pet grooming station, electric car charging stations, a smart locker package room and cold storage.

The property is a designated transit-oriented development (TOD) within walking distance of the School Board Metromover station, offering convenient access to downtown Miami, Brickell and Miami Beach, and other areas via the Metrorail and Brightline regional commuter train.

Neology Life's No.17 Residences Allapattah Locks Down $31.456 Million Refinancing

Berkadia has secured a $31 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods. Fannie Mae originated the 10-year loan with five years of interest-only.

"Lissette Calderon and her company, Neology, have once again demonstrated their exceptional vision and expertise in transforming the Allapattah neighborhood with the refinancing of No.17 Residences. It's been a remarkable journey working alongside Neology Life on this project. Lissette Calderon's dedication to 'attainable luxury' and the development's success in the heart of Allapattah truly stand out, aligning perfectly with the community's needs.”

Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and leased up in record time. It offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies, and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking, and 24-hour secure package rooms.

The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.

Inside 'An Exploration Into Capital Markets Coral Gables' Presented By PROFILEmiami & MG Developer

On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.

The engaging panel featured keynote speakers Catie Naranjo, CDO at MG Developer; Scott Wadler of Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus of PROFILEmiami. Topics explored included current environment of capital markets, the difficulties behind financing projects in todays market, the process a developer undertakes to obtain financing, what lenders are looking for when financing a project and the regulations that surround financing.

The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, amongst others.

“It is very challenging right now from start to finish. A developer handles everything from site selection, to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible; and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.

“Cost of construction has gone up, insurance costs are up 5X, interest rates, cost of capital, both on the debt and equity side, almost everything has kind of ticked up. Lucking in Florida rents and property values have kept pace with the increased costs.” Said Catie Naranjo, CDO at MG Developer.

“Ashe market ages and moves it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team.” Said Ayush Kapahi of HKS.

Attendees also got to explore the stunning, state-of-the-art, showroom for The Village at Coral Gables featuring curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. MG Developer, led by Alirio Torrealba, announced on July 5, 2023 that it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.

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.