HomeNewsKushner secures US$80 million loan for Wynwood project in Florida

Kushner secures US$80 million loan for Wynwood project in Florida

Kushner Companies has announced that they have begun construction of their first South Florida development in partnership with Block Capital Group. The Wynwood project will be financed by Axos Bank and Fortress who loaned US$80 million to the developers. New York-based Kushner, founded by Charles Kushner and led by president Laurent Morali, has a number of projects planned throughout Miami-Dade, Broward, and Palm Beach counties, after making its first investment in Wynwood. The construction loan replaces and adds to US$17.6 million in financing that the developers secured a year ago from CIT Bank.

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Construction began on Wynwood 27 and Wynwood 28 where a reported 152 apartments, 46,000 square feet of office space, 33,500 square feet of retail, and 232 parking spaces. Amenities will include co-working spaces, an outdoor pool deck and lounges, barbecue areas, and an arts program. It’s expected to be completed in the third quarter of 2022. Kushner and Block Capital Group paid US$32 million for the 1.5-acre assemblage at 127 Northwest 27th Street and 129 Northwest 26th Street in Miami’s Wynwood in 2019. BM2 Realty is handling commercial leasing. Miculitzki said the firm has received interest from food and beverage operators. Retail asking rents will be about US$75 per square foot, triple net. Office rates will be about US$50 per square foot, triple net.

“Everything we bought two years ago is more valuable today as a result of the rapid acceleration of trends,” Morali said, referring to the influx of people and companies moving to South Florida. The company is also expected to begin construction of its planned Fort Lauderdale development, across the street from the Brightline station in the Himmarshee District, in 2022 and the planned industrial and mixed-use developments in Delray Beach and Lake Worth will break ground in 2022 according to Morali.

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