Related Group Nabs $165M to Refinance The Dorsey in Wynwood


A joint venture led by Related Group secured $165 million to refinance The Dorsey, a newly completed development in Wynwood.

Alex Karakhanian’s LNDMRK and Ben Mandell’s Tricera Capital co-developed the mixed-use project, which opened late last year. The 618,596-square-foot building features 73,000 square feet of office space and 36,000 square feet of retail space on the ground floor plus 306 apartments.

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The refinancing loan from MF1 Capital will pay off an $87.5 million construction loan provided by Bank OZK in 2020, according to Berkadia. The brokerage’s Scott Wadler, Brad Williamson, Matt Robbins, Mitch Sinberg, and Michael Basinski arranged the 30-month, interest-only loan. 

“Despite the macro headwinds, lender confidence remains high for those projects of the highest quality,” Jon Paul Perez, president of Related Group, said in a statement.

Residential and retail leasing remains ongoing, while Dorsey’s office component is fully leased, according to The Real Deal, which first reported the latest loan. Hedge-fund Schonfeld Strategic Advisors doubled its footprint to 37,000 square feet at the 12-story property last year. 

The joint venture had acquired the 2-acre site at 286 NW 29th Street, just south of the Midtown district, for $31 million in 2019, according to property records.

Julia Echikson can be reached at