MIAMI—Wynwood is heating up fast—and more is surely yet to come. Just after a Wynwood asset sold at near record price, construction is soon getting underway at 250 Wynwood.
Aztec Group director Charles Penan, along with senior managing director Howard Taft, just arranged a $3.4 million construction loan for Wynwood-based Fortis Development Group on the project.
“250 Wynwood's ideal location, unit mix, unique design and strong ownership proved very valuable for the lender,” says Penan. “This marks the first of several transactions both borrower and lender propose to work on together in the near future.”
250 Wynwood is an 11-unit, live-work condominium with 3,775 square feet of ground level retail space. Located at 250 Northwest 24th Street, 250 Wynwood is next to Panther Coffee and Joey's Restaurant.
250 Wynwood is among the first new residential developments to rise in Wynwood in recent years. It is already 90% sold with over 50% deposits committed. Architect Laith Sayigh designed the project. Gallerist Anthony Spinello chose the artwork.
City National Bank provided the financing. Terms of the 24-month facility include a LIBOR-based floating interest rate.
“Capital is readily available, be it debt or equity,” Ezra Katz, CEO and founder of Aztec, tells GlobeSt.com. “There is a great deal of capital searching for quality sponsors and quality real estate. And when you combine those two, there is a really significant amount of options.”
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