East End Capital has closed on $10.5 million in financing for the Wynwood Arcade, a former warehouse that’s been converted into a retail and restaurant development.
Jonathon Yormak, managing principal of East End, told The Real Deal the loan was used to pay off construction financing and return equity. The developer completed construction of the 25,000-square-foot adaptive reuse project, at 50 Northwest 24th Street, and has turned it over to its tenants.
Jonathan More, Jordan Ray, Steven Buchwald and Lexington Henn of Mission Capital Advisors Debt & Equity Finance Group arranged the financing, according to a press release. LoanCore is the lender.
The Wynwood Arcade, wrapped with murals by Tristan Eaton, has four entrances, an open-air atrium, a cascading staircase and a rooftop bar and lounge. Bonobos, an online men’s clothing brand, will be the first to open by the end of August in a 1,400-square-foot space. The Salty Donut, a popular craft doughnut and coffee shop, is currently operating as a pop-up and will open in its permanent space in the fall.
Chef and restaurateur Norman Van Aken is leasing 7,700 square feet at the arcade, which will include a restaurant and rooftop bar, as well as a cooking school. Van Aken and his partners Candace Walsh and Susan Buckley are set to open in time for Art Basel this year.
And the remaining tenants, fashion retailer Muse and furniture store Patrizia Bozzi Design, are set to open by the end of September, Yormak told TRD. The project is next to the Miami Arts Charter School, which will open in the fall.
Wynwood, which is in the midst of a retail and restaurant transformation, is on the cusp of receiving a residential wave, with multiple apartment developments in the works. East End is among them. The developer recently launched plans for a 289-unit apartment project calledWynwood 25, which will include 31,000 square feet of ground floor retail and 340 parking spaces.