Berkadia Arranges Construction Loan For Bespoke Office Property In Miami’s Wynwood
Knotel, a flexible workspace platform founded in 2015 in New York, is slated to occupy the entire 46,072-square-foot property.
Knotel, a flexible workspace platform founded in 2015 in New York, is slated to occupy the entire 46,072-square-foot property.
Pulso Capital purchased the property for $551,282 per unit.
Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm led by Lissette Calderon.
Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing.
The to-be-built warehouse will total 174,348 square feet.
The property was acquired in a special situation from a long-term private family owner.
“The Lake Worth submarket remained at 95% occupancy or above in 2020 and is poised for additional rent growth.”
In addition, Berkadia lined up a $280.3 million loan for the acquisition.
The sale price equates to $221,250 per unit.
LUMA at Miramar was built in 2019 and stabilized in Q1 2020, with occupancy remaining at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale.
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