Berkadia Secures $43.5M Loan To Refinance Dacra’s Miami Design District Property

Berkadia has arranged a $43.5 million loan to refinance a 112,896-square-foot, mixed-use property located in the Miami Design District.

Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Dacra, the pioneer of the Miami Design District, owning well over one million square feet.

LMF provided the 10-year, fixed-rate loan, which provides Dacra with a permanent refinancing for the mixed-use asset.

“4141 N.E. 2nd Avenue is a stabilized asset in one of the most desirable, luxury retail districts in the entire U.S.,” said Wadler. “The property has been heavily re-tenanted in recent years to elevate value, as the Miami Design District has continued to drive rental rates with its evolution towards high end designer fashion and art.”

The property is located at 4141 N.E. 2nd Avenue and consists of a combination of office and retail tenants including B&B Italia, Design Within Reach, iHeart Media, and MC Kitchen.

The property is centrally located just 10 minutes north of Downtown Miami, a few blocks from the I-195 interchange connecting the mainland to Miami Beach, which is located 10 minutes away. Wynwood is less than five minutes away, and Miami International Airport is 15 minutes away.