Berkadia announces it has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed, mixed-use development located in Miami’s Wynwood neighborhood. The 306-unit property was co-developed by Related Group, LNDMRK, and Tricera Capital. Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
The lender, MF1 Capital, delivered a quick and certain closing despite recent market volatility and provided the 30-month, interest-only loan to take out the existing construction financing.
“Despite the macro headwinds, lender confidence remains high for those projects of the highest quality,” said Jon Paul Perez, President of Related Group. “In the case of The Dorsey, we had several factors working in our favor: namely an unmatched location in the world’s most desirable neighborhood, gorgeous designs and a development team that’s second to none.”
Located on the corner of NW 29 Street and NW 3rd Avenue, The Dorsey is at the epicenter of the world-famous Wynwood neighborhood. The property features 73,000 square feet of office space, and 36,000 square feet of ground floor retail. The office portion is fully leased to Schonfeld Strategic Advisors, a New York-based hedge fund making The Dorsey their second headquarters, and Industrious, a leading coworking provider with over 160 locations globally.
“Securing this refinancing in the current market environment shows the strength of our partnership, which worked together and fully pre-leased Dorsey Wynwood’s office space to credit tenants at market-setting rents,” Tricera CEO Ben Mandell said. “It is incredible to see first-hand the evolution of Wynwood over the last 15-plus years from a once overlooked industrial area into a vibrant, all-encompassing neighborhood with dense work, live and play components.”
The Dorsey also includes 306 luxury apartments, with floor plans ranging from 450 to 1,600 square feet. Residents will enjoy a highly curated set of on-site amenities, like a cutting-edge fitness center with a spin and yoga room, a first-class pet spa, a resort-style rooftop pool, a sprawling outdoor courtyard and more. The development also boasts a collection of world-class art displayed across all common areas.
“The Dorsey is the premier mixed-use development in one of the most desirable 24-hour submarkets in the nation,” said Wadler. “The Property’s strong lease-up velocity and best-in-class features and finishes led to significant lender interest in the refinance.”
The Dorsey’s modern mixed-use design blends with Wynwood’s walkable, urban neighborhood. The project’s impactful integration into the neighborhood has already brought accolades as it was named the Multifamily Development of the Year for South Florida at the 2023 CoStar Impact Awards.
About Related Group
Established in 1979, Related Group is Florida’s leading developer of sophisticated metropolitan living and one of the country’s largest real estate conglomerates. Since its inception more than 40 years ago, the company has built, rehabilitated, and managed over 100,000 condominium, rental, and commercial units. The firm is one of the largest privately owned businesses in the United States with a development portfolio worth more than $40 billion. Currently, Related Group has 90+ projects in varying phases of development.
The company has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers, and affordable properties – all built with the goal of positively impacting neighborhoods and improving quality of life across all demographics. Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities’ global culture and streetscapes. For more information, please visit relatedgroup.com.
About Tricera Capital:
Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera has leveraged its institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The team of seasoned real estate professionals with a deep track record of success in deal sourcing, leasing, acquisitions, syndication and overall execution. The talent and experience enables Tricera Capital to consistently perform and deliver superior returns to investors. For more information, visit www.triceracap.com.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
