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.

$56 Million Loan Secured for Wynwood Haus in Miami

A joint venture comprising LD&D, IGEQ, Black Salmon, and Bridge Investment Group has successfully secured a $56 million loan aimed at recapitalizing Wynwood Haus, a 224-unit residential community located in the vibrant Wynwood neighborhood of Miami. The announcement of this financial backing signals continued investment and development in this burgeoning area.

The loan, provided by Fannie Mae, is structured as a seven-year, fixed-rate loan featuring full-term interest-only payments. Such a financial arrangement can support the ongoing management and enhancement of the Wynwood Haus property, which is strategically positioned at 1765 N. Miami Avenue.

About Wynwood Haus

Completed last year, Wynwood Haus offers a diverse range of apartment options, including studio, one-bedroom, and two-bedroom layouts. Apartment sizes vary significantly, ranging from 390 to 960 square feet, catering to a variety of living preferences and budgets. Notably, 100 of the apartments are designated as workforce housing, specifically intended for families with incomes ranging from 100% to 140% of the area median income. This aspect reflects a commitment to providing affordable living options in a rapidly changing urban landscape.

In addition to living spaces, Wynwood Haus boasts over 6,800 square feet of ground-floor retail space, enhancing the neighborhood’s commercial vibe and contributing to local economic activity.

Amenities and Features

Wynwood Haus is not just about housing; it also offers a wealth of features and amenities designed to elevate the living experience. Residents can enjoy apartments equipped with floor-to-ceiling windows, oversized balconies, and in-unit full-size washer-dryers. Modern conveniences are further enhanced with wireless-controlled smart thermostats and high ceilings that rise to a generous 10 feet. Upscale finishes such as walk-in closets and luxurious rain showers add to the appeal.

To foster community interaction and well-being, the property includes a range of shared amenities. Residents have access to a stunning pool and sun deck boasting bay views, a fully equipped fitness center, and an outdoor terrace. Flexible workspaces are provided in a dedicated co-working area with a conference room, complemented by a library and a resident lounge for recreational activities. Modern conveniences continue with smart locker package rooms, electric car charging stations, cold storage for groceries, and a pet grooming station.

Transit-Oriented Development

This property is aptly designated as a transit-oriented development, located conveniently near the School Board Metromover station. This advantageous location allows residents to easily access downtown Miami, Brickell, and Miami Beach via the Metromover elevated rail system, with additional connections to the Metrorail and Brightline regional commuter trains.

Current Occupancy and Investment Insights

As of now, Wynwood Haus enjoys a healthy occupancy rate of 94%, indicating strong demand for its residential offerings. Furthermore, the property resides within an Opportunity Zone, making it an attractive site for continued investment and development.

The land for Wynwood Haus was purchased in 2019 for $5.9 million, which set the stage for its eventual development. A $37 million construction loan was secured in 2021 from Bank OZK, contributing to the construction and completion of this modern community. The successful financing and rapid development of Wynwood Haus exemplify the ongoing transformation occurring in Miami’s real estate landscape.

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Additional Resources

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