Thor Equities Refis New Wynwood Sites With $19M

Joe Sitt’s Thor Equities obtained an $18.5 million loan to refinance newly acquired development sites in Miami’s Wynwood neighborhood.

The funding from Centennial Bank covers a mostly vacant 2-acre assemblage, which is zoned to house a development of up to 613,000 square feet. A representative for Thor Equities declined to provide additional comment on potential projects there.

The assemblage includes a 41,550-square-foot site 2825 Northwest Second Avenue, located near the northern end of Wynwood, adjacent to Northwest 29th Street, as well as a 1,947-square-foot retail building at 187 Northwest 28th Street, which sits on a 6,950-square-foot lot on the same block. 

The final piece of the assemblage is a 31,700-square-foot vacant site a block south at 2724 Northwest Second Avenue.

In September, Thor Equities purchased the portfolio for $30.5 million — $32 million less than what the properties traded for two years ago. The New York-based developer had been one of the sellers on that transaction.

Thor Equities remains active in the area. In 2022, it purchased a vacant, 0.7-acre site within the luxury Miami Design District outdoor mall for $45 million, but has yet to develop the property.

Julia Echikson can be reached at jechikson@commercialobserver.com.