JPMorgan, Canyon Lend $118M on Fisher Brothers’ Wynwood Development
Sounds like a Wyn-ner!
By Cathy Cunningham July 5, 2023 11:30 am
reprints
Fisher Brothers has sealed $117.5 million in construction financing for Wynhouse Miami, the New York-based firm’s new multifamily and retail development in Miami’s Wynwood neighborhood, Commercial Observer has learned.
JPMorgan and Canyon Partners" class="company-link">Canyon Partners were the lenders on the deal, while Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Mo Beler, Michael Diaz and Michael Ianno negotiated the debt.
“We are excited to take this important next step towards bringing Wynhouse Miami, a design-forward, leading multifamily project, to Wynwood,” Winston Fisher, partner at Fisher Brothers, said in a statement. “Wynhouse Miami meets the evolving needs of this thriving and energetic neighborhood and we are grateful to our partners for embracing our vision and bringing this development to life.”
The new development, at 2200 NW First Avenue, will include 308 studios and one- and two-bedroom apartments across eight stories. Its amenity package will feature a rooftop pool and lounge, while its retail component will comprise 24,000 square feet with room for 10 stores.
Designed by Coral Gables-based Nichols Architects, Wynhouse Miami sits next to a Florida Power & Light substation, and will feature a number of environmentally friendly components, including rooftop solar panels and electric vehicle charging stations.
“We are pleased to announce the successful capitalization of this exceptional project,” said Kurland, senior managing director and co-head of New York capital markets at Walker & Dunlop. “The combined strength of the sponsorship, prime location and unparalleled design made this project very attractive to the financing community, despite notable headwinds that exist in today’s capital markets.”
Fisher Brothers acquired the development’s 1.54-acre site from affiliates of RedSky Capital and JZ Capital in 2021, paying $18.6 million, according to South Florida Business Journal.
The construction financing news follows a $29 million crowdfunding round last month, as previously reported by CO. Fisher outlined plans for the development’s capital stack in a presentation geared toward potential investors, saying that his firm would contribute $32.6 million — or 18.2 percent — of the capital stack, and that a roughly $117.5 million senior loan was in process.
Et Voilà!
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
