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Berkadia Brokers Construction Loan for Mega Mixed-Use Development in Wynwood

Berkadia arranged the construction financing for Wynwood Plaza, a $215 million mixed-use development on a 2.85-acre site in Miami’s Wynwood Arts District. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia South Florida secured the financing on behalf of the developers. The project involves a joint venture between L&L Holding Company, a vertically integrated real estate company based in New York, Oak Row Equities (formerly Carpe Real Estate Partners), a real estate private equity and development company also based in New York and Shorenstein, a real estate investment company based in San Francisco. Bank OZK provided the three-year, floating-rate loan with two one-year extension options.

The developers acquired the 15-parcel assemblage site in late 2021 for $53 million after filing plans for a development that would deliver one million square feet of office, retail, residential and outdoor entertainment space. The project, which Gensler is designing, is slated for completion in 2024.

“Wynwood has emerged as one of Miami’s busiest submarkets, with tech, financial and creative firms flocking to the area and driving demand for office, retail and residential space to all-time highs,” Wadler says. “Wynwood Plaza is poised to be a monumental project anchoring this dynamic community, and we were fortunate to find a lender who recognized the Sponsor’s unique vision and capabilities to execute it.”

Located at 95 Northwest 29th Street just minutes from Midtown, Edgewater, Brickell, and the Design District, Wynwood Plaza will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.

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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.