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Berkadia Arranges Construction Loan to Convert Wynwood Warehouse into Custom Office Property

Berkadia secured the construction financing for the redevelopment of Wyncatcher to be converted to a boutique office property with retail space and a rooftop terrace. The former warehouse, located in Miami’s Wynwood Arts District, will be occupied by Knotel, a flexible workspace platform founded in 2015 in New York, encompassing the entire 46,072-square-foot property. 

Managing Director Scott Wadler and Senior Analyst Mike Basinski of Berkadia Miami secured the financing on behalf of Morabito Properties, a real estate developer based in Miami Beach. Banesco provided the $11 million, eight-year term loan, with two years of interest only and an aggressive fixed interest rate. The sponsor also has the option to convert to a mini-perm loan for an additional five years.

“The addition of this building and a flagship Knotel location to the Wynwood neighborhood are a perfect fit,” Wadler says. “Flexible office space occupancy in Miami is at an all-time high, allowing newly migrated entrepreneurs and companies to enter the market and grow as needed. Wyncatcher will be a unique single-tenant building, particularly with Morabito’s attention to design details.”

Located at 2143 Northwest 1st Avenue, the boutique office property features a chic industrial design crafted by Arquitectonica. The property boasts double-height, industrial-style windows, a rooftop terrace with views of the neighborhood and over 12,000 square feet of indoor and outdoor restaurant space.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.