Berkadia has arranged construction financing for the redevelopment of Wyncatcher, a former warehouse converted to a boutique office property with retail space and a rooftop terrace located in Miami’s Wynwood Arts District.
Knotel, a flexible workspace platform founded in 2015 in New York, is slated to occupy the entire 46,072-square-foot property.
Managing Director Scott Wadler and Senior Analyst Mike Basinski of Berkadia Miami secured the financing on behalf of Morabito Properties, a real estate developer based in Miami Beach.
Banesco provided the $11 million, eight-year term loan, with two years of interest only and an aggressive fixed interest rate. The sponsor also has the option to convert to a mini-perm loan for an additional five years.
“The addition of this building and a flagship Knotel location to the Wynwood neighborhood are a perfect fit. Flexible office space occupancy in Miami is at an all-time high, allowing newly migrated entrepreneurs and companies to enter the market and grow as needed. Wyncatcher will be a unique single-tenant building, particularly with Morabito’s attention to design-details,” said Wadler.
Located at 2143 Northwest 1st Avenue, Wyncatcher features chic industrial design, thanks to design firm Arquitectonica. The property boasts double-height, industrial-style windows, a rooftop terrace with views of the neighborhood and over 12,000 square feet of indoor and outdoor restaurant space.
Morabito Properties specializes in modern luxury properties designed by the world’s best architects, artisans and craftsmen. Other properties in its portfolio include Onda residences and Beach House 8. Wyncatcher is the developer’s first development in Wynwood.
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