Joint Venture Secures $56 Million Loan for Wynwood Haus

News Summary

A joint venture between LD&D, IGEQ, Black Salmon, and Bridge Investment Group has secured a $56 million loan for the recapitalization of Wynwood Haus in Miami. The loan, structured as a seven-year, fixed-rate financing, will enhance the residential community, which features 224 units designed to offer quality living. Notably, the property includes workforce housing options for families earning between 100% to 140% of the Area Median Income, catering to affordable living needs in the vibrant Wynwood neighborhood.

Joint Venture Secures $56 Million Loan for Wynwood Haus in Miami

A joint venture between LD&D, IGEQ, Black Salmon, and Bridge Investment Group has successfully secured a $56 million loan aimed at the recapitalization of Wynwood Haus, a residential community located in Miami’s vibrant Wynwood neighborhood. The financing will support ongoing efforts to enhance the property and offer quality living arrangements to current and future residents.

Details of the Loan

The loan, which was arranged with assistance from Berkadia teams based in Miami, Denver, and Boca Raton, comes from Fannie Mae. It is structured as a seven-year, fixed-rate loan featuring full-term interest-only payments. This financial backing is expected to strengthen the property’s position in a competitive rental market.

Overview of Wynwood Haus

Wynwood Haus, completed in 2022, features a total of 224 units with a mix of studio, one-bedroom, and two-bedroom layouts. The apartment sizes range from 390 to 960 square feet, catering to a variety of living preferences. Notably, 100 apartments are designated as workforce housing, specifically aimed at families earning between 100% to 140% of the Area Median Income, thereby promoting affordable living options in the area.

Community Features and Amenities

The property is not just a place to live but offers numerous appealing features and amenities. Each apartment is equipped with floor-to-ceiling windows, oversized balconies, in-unit full-size washer-dryers, and wave technology controlled smart thermostats. Residents can enjoy 10-foot-high ceilings, walk-in closets, rain showers, and secure keyless entry systems for added convenience and security.

On the community front, Wynwood Haus boasts a range of amenities, including a pool and sun deck that offer stunning bay views, a well-equipped fitness center, an outdoor terrace, and a co-working area complete with a conference room. Additional facilities include a library, resident lounge, smart locker package room, electric car charging stations, cold storage for perishables, and even a pet grooming station to cater to furry residents.

Access and Location Benefits

Strategically positioned at 1765 N. Miami Avenue, Wynwood Haus serves as a transit-oriented development. Located near the School Board Metromover station, residents have direct access to downtown Miami, Brickell, and Miami Beach via the Metromover elevated rail system. The property also enjoys additional access to Metrorail and Brightline regional commuter trains, making it a highly accessible location.

Current Occupancy and Property Status

As of now, Wynwood Haus has achieved an impressive 94% occupancy rate, indicating its strong appeal to renters in the area. The property is also situated within an Opportunity Zone, potentially offering further benefits for both investors and residents. The site for Wynwood Haus was originally purchased in 2019 for $5.9 million, followed by securing a $37 million construction loan from Bank OZK in 2021 to support its development.

This recapitalization effort underlines the growing interest and investment in Miami’s Wynwood area, which continues to flourish as a vibrant community filled with cultural activities, dining, and shopping.

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Additional Resources

• Multi Housing News
• Connect CRE
• Commercial Observer
• CoStar
• St. Pete Catalyst