Related Group Lands $142M to Complete NoMad Condos in Wynwood
By Julia Echikson May 6, 2024 1:05 pm
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A joint venture led by Related Group secured a $141.5 million construction package for the NoMad Residences development in Miami’s Wynwood neighborhood.
The condo project — a partnership between Sydell Group, parent company of the now-shuttered New York NoMad hotel, and New York-based Tricap — will feature 329 units and about 18,500 square feet of retail space. Construction has been underway since September and is expected to be completed in 2025, with 80 percent of the condos already under contract, according to Related.
Related Fund Management, the investment management arm of New York’s Related Companies, provided a $51.5 million mezzanine loan. In tandem, Kennedy Wilson Capital and United Fire Insurance Company loaned $90 million in senior construction debt.
Kennedy-Wilson and United Fire Insurance together assumed a $22.3 million loan that Comerica Bank funneled for the 2021 site acquisition, and have now upped the financing by $67.7 million, according to mortgage documents.
Three years ago, the developers paid $26.5 million for the 1.25-acre site, which spans nearly a full block, at 2700 NW Second Avenue, according to property records.
“This significant capital infusion is a testament to the strong investor confidence in Miami’s residential market and, more notably, our distinct vision for this hospitality-centric and lifestyle-driven development,” Nick Pérez, president of Related’s condominium division, said in a statement.
Casa Tua, a popular Italian restaurant concept in Miami, will operate a 13,000-square-foot open-kitchen restaurant on the ground floor, while Leo Robitschek, the former bar director of the Michelin three-star restaurant Eleven Madison Park, will helm a rooftop bar.
Julia Echikson can be reached at jechikson@commercialobserver.com.
