Berkadia Lends $59M for Rockpoint’s Mixed-Use Miami Building
By Julia Echikson August 21, 2024 3:02 pm
reprints
Rockpoint secured $58.9 million from Berkadia for a mixed-use building in Miami’s Wynwood neighborhood, property records show.
The balloon loan covers the Strata, which features 257 apartments, 60,300 square feet of creative office space, 27,040 square feet of ground-floor retail and 474 parking spaces. The eight-story building sits just south of the Oasis mixed-use development at 2201 North Miami Avenue.
Berkadia is originating the loan, which is backed by Fannie Mae (FNMA), according to a press release. Berkadia’s Mitch Sinberg, Scott Wadler, Matt Robbins, Abigail Beauchamp, and Jared Hill arranged the transaction.
The mortgage, which matures in September 2029, appears to be the first piece of financing Rockpoint has secured for the 603,516-square-foot building. The Boston-based private equity firm purchased the property for an undisclosed amount in 2022, the same year it was completed. The seller, CIM Group, declined to comment on the sale price.
A representative for Rockpoint confirmed the existence of the loan, but declined to provide additional comment.
Rockpoint has become a major player in South Florida, selling properties for top dollar during the height of the pandemic-fueled bull market. These included a retail center in Brickell, which traded for $216 million, and a nearby office building, which sold for $287 million.
During the frenzy, Rockpoint also purchased a 464-unit apartment building in Downtown Miami, previously known as X Miami and now named Alea Miami, for an undisclosed amount. It’s also a partner in the Related Group’s Rivage luxury condo development along Bal Harbour’s coast.
Julia Echikson can be reached at jechikson@commercialobserver.com.
