News Summary
A joint venture between LD&D, IGEQ, Black Salmon, and Bridge Investment Group has secured a $56 million loan for the recapitalization of Wynwood Haus in Miami. The loan, structured as a seven-year, fixed-rate financing, will enhance the residential community, which features 224 units designed to offer quality living. Notably, the property includes workforce housing options for families earning between 100% to 140% of the Area Median Income, catering to affordable living needs in the vibrant Wynwood neighborhood.
$56 Million Loan Secured for Wynwood Haus Recapitalization
Joint Venture Collaboration
A partnership between LD&D, IGEQ, Black Salmon, and Bridge Investment Group has successfully secured a substantial loan of $56 million aimed at recapitalizing the Wynwood Haus community located in Miami. This strategic financial infusion seeks to enhance the operations and maintain the quality of living within this urban residential development.
About Wynwood Haus
Situated at 1765 N. Miami Avenue, Wynwood Haus is a 224-unit community nestled at the entrance of the vibrant Wynwood neighborhood. This multifamily development was completed in 2022 and showcases a variety of living arrangements including studio, one-bedroom, and two-bedroom options. The apartments range in size from 390 to 960 square feet, providing diverse options for residents.
Importantly, 100 of these apartments have been designated as workforce housing. This means these units are specifically reserved for families earning between 100% to 140% of the area median income, allowing for a more inclusive living environment.
Loan Details and Arrangements
The loan has been arranged with the assistance of Berkadia teams from Miami, Denver, and Boca Raton in Florida. Fannie Mae is the provider of this loan, which is structured as a seven-year, fixed-rate loan featuring full-term interest-only payments, a structure likely aimed at maximizing cash flow for the investors and developers involved.
Property Features and Amenities
Wynwood Haus boasts several modern amenities that enhance the living experience. The community features over 6,800 square feet of ground-floor retail space, introducing convenience right at the doorstep for residents. The apartments come equipped with luxurious finishes including floor-to-ceiling windows, oversized balconies, in-unit full-size washer-dryers, and wireless-controlled smart thermostats. Furthermore, residents can enjoy 10-foot-high ceilings, walk-in closets, rain showers, and secure keyless entry to their homes.
Community amenities do not fall short either, as Wynwood Haus includes a pool and sun deck with stunning bay views, a comprehensive fitness center, an outdoor terrace, co-working spaces with a conference room, a library, and a resident lounge. For added convenience, there are smart locker package rooms, electric car charging stations, cold storage, and even a pet grooming station.
Location and Accessibility
Notably, Wynwood Haus is designated as a transit-oriented development, making it an appealing choice for those engaged in the bustling nearby urban life. The community is conveniently located near the School Board Metromover station, allowing residents easy access to downtown Miami, Brickell, and Miami Beach through the Metromover elevated rail system. There are further transit options available via Metrorail and Brightline regional commuter trains.
Current Status and Future Outlook
Currently, the occupancy rate of Wynwood Haus stands at an impressive 94%, highlighting its desirability among residents. The property is strategically situated within an Opportunity Zone, bringing more growth potential and investment interest to the area.
The land on which Wynwood Haus resides was purchased in 2019 for $5.9 million, followed by securing a $37 million construction loan from Bank OZK in 2021, enabling the timely completion of this noteworthy project. With the recent loan secured for recapitalization, Wynwood Haus appears poised for continued success in the competitive Miami real estate market.
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