R&B Refis Gateway at Wynwood Office With $113M
By Julia Echikson February 16, 2023 4:43 pmreprints
R&B Realty Group scored $113 million to refinance the Gateway at Wynwood office building in Miami.
The three-year loan, from Boise-based A10 Capital, comes with two one-year extension options, according to Berkadia, whose Charles Foschini, Christopher Apone and Robert Iudice arranged the debt.
“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,” Foschini said in a statement.
The 418,337-square-foot property — which offers 195,000 square feet of office space, about 25,000 square feet of retail, and 512 parking spots on site — has nabbed a slew of leases since its completion in 2021, including tech start-up OpenStore, crypto company Ripple, brokerage Marcus & Millichap, biopharmaceutical company Veru, and coworking provider Mindspace.
On the ground floor of the 14-story building, BoConcept, a high-end furniture store, took 3,000 square feet.
R&B, a family-owned company, also known as the Rose & Berg Realty Group, bought the 1.1-acre plot, located at 2916 N Miami Avenue, for $11.5 million in 2016 and secured a $76 million construction loan from 3650 REIT in 2020, before the pandemic hit.
Across Wynwood, just over a year ago, Blackstone funneled $135 million to refinance 545wyn, an office building similar to the Gateway with 298,000 square feet of office space and 26,340 square feet dedicated to retail on the ground floor.
Julia Echikson can be reached at email@example.com.