Miami, FL – April 28, 2016 – CBRE Capital Markets’ Debt & Structured Finance team arranged $5 million in interim financing for The Wynwood HQ Building, a 28,200-square-foot, two-story, warehouse/office building located in the heart of Miami’s Wynwood Arts District, one of the largest and most prominent creative communities in the United States.
Charles Foschini, Vice Chairman, and Christopher Apone, Senior Vice President of CBRE’s Florida Capital Markets Team based in Miami, arranged the financing on behalf of Metro 1 Properties through a long-standing relationship with City National Bank, who provided the loan. The purpose of the loan is to facilitate funding for capital related to the renovation of the asset and conversion into a Class-A showroom/retail destination with a second story creative office component.
“Against a competitive field of options, we looked for a lending source that understood the Wynwood District and that would enable the most value creation at the lowest cost of capital,” said Mr. Foschini.
“The deal represents the desire of established lending institutions like City National bank to gain a presence in the Wynwood neighborhood, which is undergoing unprecedented growth and value appreciation as evidenced by recent acquisitions by highly-sophisticated investors and institutions,” said Mr. Apone. “Furthermore, the borrower is one of the most active property owners in the area and a true pioneer for this location, which was an attractive component for the lender.”
Built in 1965, the Wynwood HQ Building features an exceptional location on NW 29th Street directly adjacent to the world-renowned Rubell Family Collection Building. The property is within walking distance to a plethora of retailers, art galleries, and restaurants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com
