Fifield Nabs $53M Construction Loan for Wynwood Rental
By Julia Echikson March 24, 2023 3:11 pm
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Fifield Companies and PGIM Real Estate nabbed a $53.2 million construction loan for a mid-rise rental building in Miami’s Wynwood neighborhood, property records show.
The eight-story development, called Wynwood Station, will reportedly feature 210 apartments, 11,500 square feet of retail space, and 296 parking spots at 45 Northeast 27th Street, near the northeast edge of the sought-after neighborhood.
Chicago-based Fifield acquired the 1.4-acre site last year for $19.5 million, according to the sellers, Tony Cho and Scott Silver.
The joint venture increased the original $14 million acquisition loan, secured in 2022, by $53.2 million, bringing Wynwood Station’s total financing to $66.9 million, mortgage documents show.
The largest lender, CIBC Bank, has committed $31.9 million to the project, while Republic Bank pledged $20 million and First Bank Chicago $15 million, per the documents. The mortgages are set to mature on March 20, 2027.
Construction has yet to begin. Representatives for both Fifield and New Jersey-based PGIM did not immediately respond to requests for comment.
Fifield has one other project under development in South Florida, an eight-story property with 266 units, which broke ground earlier this year.
Wynwood Station is the latest rental planned in the neighborhood, best known for its colorful murals, nightlife and budding tech scene.
Just south of Wynwood, former Kushner Companies executive Jenny Bernell proposed an 11-story development with 310 units. Earlier this year, L&L Holding and Oak Row Equities broke ground on The Wynwood Plaza, a 1 million-square-foot mixed-use campus that’s set to include 509 luxury apartments.
Last year, Related Group broke ground on a two-building, mixed-use complex that will feature 304 apartments.
Julia Echikson can be reached at jechikson@commercialobserver.com.
