BridgeInvest, a leading real estate investment firm, has provided a $35 million floating-rate loan for the development of Wyncatcher in Miami’s vibrant Wynwood Arts District. The loan will not only pay off the existing construction loan on Phase I but also fund the construction of Phase II.
Wyncatcher is a new mixed-use creative space that will feature nearly 50,000 square feet of office and retail space. Morabito Properties, the project’s sponsor, recently acquired an adjacent building for $14.6 million which they plan to convert into additional office space. This expansion is expected to be completed by Q2 2026.
Phase I of Wyncatcher was completed in Q4 2023 and comprises 38,400 square feet fully leased to Knotel – a flexible workspace provider. It boasts an industrial-style two-story building with restaurant space and a rooftop terrace. On the other hand, Phase II will consist of three stories with open-air covered parking and private gardens designed by renowned architecture firm Arquitectónica.
The financing for this venture was secured by Berkadia’s Scott Wadler and Michael Basinski Miami on behalf of Morabito Properties – showcasing their expertise in securing funding for high-profile projects like this one.
This latest development marks yet another milestone in BridgeInvest’s portfolio as it continues its commitment towards fostering growth within dynamic communities through strategic investments.
