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Berkadia Arranges Sale and Financing of Boutique High-Rise in Wynwood

Berkadia recently arranged the sale and financing of Wynwood Bay, a 156-unit residential high-rise located in Miami’s Wynwood neighborhood. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Alta Developers, a South Florida-based real estate development firm led by Principal & CEO Raimundo Onetto.

Managing Director Laura Beaton of Berkadia Boston arranged the financing on behalf of buyer Respark Residential, a multifamily real estate investment company in Fort Lauderdale, which acquired the property. Respark Residential plans to enhance the building’s interiors and common areas. Rents at the property range from $2,000 to $3,700 per month.

“Wynwood Bay has a lot to offer its residents, from its unique, competitive location in one of Miami’s trendiest and centrally located neighborhoods to its spacious floorplans with unobstructed Bay and city views and its resort-style amenities,” Onetta says. “It is luxury residential living in Miami’s liveliest location.”

Located at 2500 Biscayne Boulevard, Wynwood Bay was built in 2017 and offers one and two-bedroom apartments ranging from 715 square feet to 1,284 square feet. Units feature nine or 12-foot ceilings, modern porcelain tile flooring, floor-to-ceiling glass windows, a chef-inspired kitchen design with an open concept, ample quartz countertops, energy-efficient stainless-steel appliances, climate efficient blackout, and solar shades, frameless glass walk-in showers in select units, spacious balconies and terraces and full-sized washer and dryers in all units. Community amenities include a rooftop pool with private cabanas, a state-of-the-art health and wellness center, a sun deck with panoramic views of the Miami skyline and Biscayne Bay, an entertainment and resident lounge, Amazon lockers, four elevators, 241 parking spaces, and secure fob access to the building with 24-hour emergency maintenance.

“Wynwood Bay presented a rare opportunity to acquire a residential high-rise with immediate cash flow in one of the most dynamic, talked about submarkets in the country,” Pesant says. “As land prices and construction costs continue to rapidly increase, developers are building even smaller units. This dynamic will allow Wynwood Bay to remain uniquely positioned to capture the overwhelming tenant demand for larger, more expansive floorplans.

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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.