Morabito Expands Wynwood Mixed-Use Development With $35M Loan
By Julia Echikson June 3, 2024 12:05 pm
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Morabito Properties is expanding its Wyncatcher mixed-use development in Wynwood after purchasing the warehouse next door for $14.6 million and landing a $35 million loan from BridgeInvest.
The newly acquired, 14,162-square-foot building sits on half an acre at 2150 NW Miami Court, adjacent to Northwest 22nd Street.
Four years ago, Morabito paid $9.3 million for the neighboring property at 2143 NW First Avenue. At the end of last year, the Miami Beach developer redeveloped it into the Wyncatcher, a 38,400-square-foot building and is entirely leased to Knotel, a flexible workspace provider.
The $35 million, floating-rate loan from BridgeInvest will pay off the construction loan for the first phase — a $11 million mortgage from Apollo Bank, per property records — and fund the construction of the second phase, according to Berkadia’s Scott Wadler and Michael Basinski, who brokered the debt.
The second phase of the development will feature 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space. Construction is expected to be completed in the second quarter of 2026.
The expansion comes as Wynwood’s office market, which attracted Silicon Valley tenants during the pandemic, has slowed. At the close of the 2024’s first quarter, the corridor that includes Wynwood, the Design District and nearby sections of Biscayne Boulevard boasted a vacancy rate of 19.5 percent — the third highest in the Miami Dade County, according to data from Cushman & Wakefield.
Julia Echikson can be reached at jechikson@commercialobserver.com.
