Brick & Timber and Argosy purchased the boutique office/retail property, designed by Arquitectonica, for $62 million
Berkadia announces it has secured a $36.18 million loan for the acquisition of Cube WYNWD, a boutique Class-A building in Miami’s Wynwood neighborhood. Managing Director Scott Wadler of Berkadia Miami secured the financing on behalf of the joint venture between Brick & Timber, a San Francisco-based developer and real estate asset manager, and Argosy Capital Partners, an investment advisory firm based in Philadelphia, PA.
This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMARK acquired the property in April of 2021.
Since the original acquisition, Tricera and LNDMRK leased up the entire building including major tenants such as Schonfeld Strategic Advisors and Shaolin Capital.
JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.
“The Wynwood submarket has evolved into an established, dynamic submarket with rents more than doubling in the last 5 years. It has been exciting to play a small part of the transformation of Wynwood and watch it grow from an industrial pocket to a thriving neighborhood with true live-work-play offerings and tenant diversification,” said Wadler.
Located at 230 Northwest 24th Street and completed in 2019, Cube WYND was designed by Arquitectonica, and it is the first-ever boutique office-over-retail building in Wynwood, with 10,000 square feet of retail space and 90,000 square feet of office space. It is steps away from art galleries, restaurants, breweries and retail shops and centrally located to all of Miami's best submarkets including Downtown Miami, Edgewater, the Miami Design District and Miami Beach.