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$28,438,000 Acquisition Financing
Miami, FL | July 2021
Thorofare Capital has funded a $28,438,000 as a “quick-close” acquisition loan for a three parcel, high-profile development assemblage along the expanding North Miami Avenue Corridor in Miami’s vibrant Wynwood sub-market.
The transaction closed in less than one week from signed application to funding, as to rescue the opportunity following a national bank’s failure to close its loan under originally-offered terms.
The parcels acquired included sites at 2400-2500 North Miami Avenue as well as the contribution of the partnership’s existing owned parcel located at 48 Northwest 25th Street.
Combined, the assemblage spans 2.41-acres and includes existing retail and office improvements. The proposed development includes a minimum of 500 residential units and 50,000 SF of commercial space.
The assemblage benefits from flexible NRD-1 Zoning and The Wynwood Transfer of Development Rights (“TDR”) Program which enables developers to obtain bonus height square footage for floors 9-12 through the inclusion of various public benefits.
The loan collateral is well-located in Wynwood, the epicenter of the arts and creative business scene in Miami with over 70 art galleries and four museums. Wynwood one named one of the 10 coolest neighborhoods in the world by Forbes in 2019. The sites includes more than 345 feet along North Miami Avenue, which traffics over 17,000 cars per day. Additionally, the location’s walk score is 94 out of 100.The 18-month, interest only bridge loan includes two additional extension options, a flexible prepayment structure and an interest reserve.
The sponsor is a joint venture between a private investment firm and an experienced developer that is concentrated on urban, mixed-use development.