Berkadia Arranges Construction Loan to Convert Wynwood Warehouse into Custom Office Property
Knotel, a flexible workspace platform, will occupy the space
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.