A10 Capital Funds $113M Bridge Loan for Class A Office Building in Miami
A10 Capital, a commercial real estate lending business that provides permanent and bridge loans nationwide, has closed a $113 million bridge loan to refinance a construction loan on the Gateway at Wynwood. The 224,880-square-foot Class A office is located in the Wynwood submarket of Miami, FL.
Charles Foschini, Robert Ludice, Chris Apone of Berkadia represented sponsor Rose & Berg Realty Group LP.
Gateway at Wynwood serves as the primary collateral. The property sits at 2916 N Miami Avenue in Miami’s gentrifying Wynwood corridor and close to both the I-195 North Miami Avenue exit and the future Wynwood Brightline station.
The property is 57% leased so the loan was structured as a three-year bridge with $11 million of future TI/LC facilities to cover future tenant improvement and leasing commission costs on the remaining vacant space. The loan was non-recourse despite having a DSCR less than 1.0x.
“We are grateful for both the Berkadia team and R&B Realty trusting A10 to get this complicated loan closed during these unprecedented times,” said Tommy Mello, EVP of A10 Capital.