East End Capital Scores $30M Refinancing of Wynwood-Area Properties
The financing provided by Rialto Capital Management will help pay for tenant allowances and landlord work associated with newly signed restaurant leases, along with the costs of leasing remaining vacancy at its Wynwood properties.
MIAMI—New York City-based East End Capital reports it has closed on the $30-million refinancing of a number of its Wynwood-area properties here.
The financing provided by Rialto Capital Management will help pay for tenant allowances and landlord work associated with newly signed restaurant leases, along with the costs of leasing remaining vacancy at its Wynwood properties. No financial terms of the financing deal were released.
East End Capital officials say that approximately $18 million of the loan proceeds will be used at East End’s warehouse properties located at 282-310 NW 25th St. and 325-339 NW 24th St., which were assembled by the firm between 2014 and 2016.
The warehouse at 282 NW 25th St. was recently leased to Bartaco, which is a full-service taco and tequila restaurant inspired by the beach culture of Brazil, Uruguay and Southern California. At 292 NW 25th Street, East End signed a lease with Barcelona Wine Bar, the largest Spanish restaurant group in the United States. Bartaco and Barcelona Wine Bar will be sharing a 4,600-square-foot outdoor patio in between their two spaces. Both Bartaco and Barcelona Wine Bar will open their doors for the first time at the property in 2019.
East End is also commencing construction on 20,000 square feet of remaining vacancy at the project, located at the nexus of 3rd Avenue and NW 25th Street. The 325-339 NW 24th St. has been home since 2015 to one of Wynwood’s most recognized craft breweries, Concrete Beach.
“We’re committed to bringing an eclectic mix of fashion and dining destinations to the vibrant Wynwood Arts District,” says Marc Gitto, managing director of East End Capital. “This refinancing will allow us to deliver top-quality spaces for current and future tenants as well as Wynwood-area patrons.”
Approximately $12 million of the financing will go towards the Wynwood Arcade, a well-known retail and dining destination in the heart of the Arts District. East End reports the Arcade has signed two new tenants, healthy fast-casual poke restaurant, OOH RAW and women’s clothing boutique Shirlanka. They are scheduled to open this summer. The Arcade is anchored by James Beard award-winning chef Norman Van Aken’s Three restaurant and No. 3 Social rooftop bar. The acclaimed chef’s cooking school, In the Kitchen, is also located at the Arcade and recently launched its full schedule of cooking classes.
East End Capital says there is limited vacancy at the Arcade. Leasing at the Wynwood Arcade is being managed by Zach Winkler of JLL, while leasing at Wynwood area warehouses is handled by Sara Wolfe of Koniver Stern Group.