June 12, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces financing totaling $53.175 million for the development of The Bradley, a mixed-use residential and retail property in Miami’s Wynwood neighborhood.
Working on behalf of the developers, a partnership between The Related Group and Block Capital Group, the HFF team secured a $33.175 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners, L.P.
The Bradley is situated in the southeast end of Wynwood and is walkable to the neighborhood’s main retail strip on NW 2nd Avenue. The mid-rise development is designed by Kravitz Design and will comprise 175 residential units along with approximately 32,000 square feet of ground-floor retail space. Residential units will range from 480 to 1,000 square feet in a mix of one-, two- and three-bedroom floor plans. The project is located at 51 NW 26th Street proximate to Wynwood 25, which is also being co-developed by The Related Group. HFF sourced construction funding for that project in May of last year.
The HFF debt placement team included senior director Scott Wadler and associate Jesse Wright.
“The Bradley, along with Related’s other Wynwood properties, are a preview of what’s coming to the neighborhood,” said Jon Paul Perez, vice president for The Related Group. “For a long time, Wynwood was seen simply as a weekend destination, but now the influx of high-quality residential and mixed-use options is driving the community’s transition into a true 24/7 neighborhood. We look forward to continuing work with our partners to help the neighborhood reach its full potential.”
“The Bradley’s central location between Wynwood and Midtown will further connect and densify the neighborhoods,” Wadler said. “We are excited to see how Wynwood evolves as the first institutional-quality apartments are delivered in the area.”