Valley National, Israel Discount Bank Refi Miami Mixed-Use Asset With $91M Loan
By Andrew Coen May 24, 2023 5:28 pm
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A joint venture between Kushner Companies and Block Capital Group has nabbed a $91 million debt package to refinance a mixed-use development in Miami’s Wynwood neighborhood, Commercial Observer can first report.
Valley National Bank and Israel Discount Bank (IDB) provided the loan on the JV’s planned Wynwood 27 & 28 project. Upon completion, the property will house 52,000 square feet of office space, 33,000 square feet of ground-floor retail, 152 residential units and parking for 232 vehicles.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub and Dustin Stolly alongside Christopher Kramer, Nick Scribani and Danny Matz.
The Wynwood 27 & 28 project commenced construction in late 2021 and recently obtained its certificate of occupancy. Located on Northwest 27th Street adjacent to Northwest Second Avenue, the property is near Miami’s Design District.
A company spokesperson for Kushner Companies said that the two buildings mark the first of “a series of development projects our company is currently pursuing in South Florida.”
Officials at IDB and Block Capital Group did not immediately return requests for comment. Valley National declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
