Related Group Ties $73 Million Mortgage From Cerberus For Wynwood 29 Project

The Related Group has locked in $72.8 million in construction debt from Cerberus Capital Management to a planned mixed-use residential and retail development, Wynwood 29, in the Wynwood section of Miami.

The funding will provide Related and its partner Metro 1, a Miami-based real estate firm with a history in Wynwood, to ultimately go forward with a project that has been in the works since at least 2016.     

Wynwood 29 will rise 12 stories on top of a 1.3-acre site in the heart of the area — officially at 2804281028192828, and 2838 Northwest First Avenue. The mixed-use development will feature 248 apartments, a 281-stall parking garage, and about 26,700 Sq Ft. of ground-floor retail space.

The project will include a fitness center, bike storage, a pool deck with an outdoor kitchen for residents, and a coworking area, according to a report from Newmark, which sourced and arranged the debt financing on behalf of the developers.

 Newmark’s team led by Dustin Stolly and Jordan Roeschlaub, who joined by new hire Daniel Matz, as well as Chris KramerNick ScribaniDonald Pavlov, and Dominick Calisto.

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