Oak Row Equities, L&L Holding Company and their partners scored a $335 million refinancing for their Wynwood Plaza office and multifamily complex in Miami.
The deal comes as financing flows in South Florida, despite higher interest rates and some lenders cutting down on providing new debt.
Oak Row, L&L Holding, Shorenstein and Claure Group completed the 1 million-square-foot Wynwood Plaza in October with a 12-story, 266,000-square-foot office building and a 12-story, 509-unit apartment building at 95 Northwest 29th Street. Funds managed by New York-based Blue Owl Capital provided the floating-rate refinancing, according to an L&L Holding news release.
A Walker & Dunlop team that included Dustin Stolly and Aaron Appel, andL&L Holding’s Yong Cho and Susan Raffo arranged the financing.
The debt pays off the $215 million construction loan the developers secured in 2023 from Little Rock, Arkansas-based Bank OZK, according to records. It also funds the balance of the office and apartment leasing costs, the release says.
Oak Row, based in Miami and New York, is led by Erik Rutter and David Weitz. The pair have several Miami-Dade County projects on tap, most recently making a splash with the record $520 million purchase of a waterfront Brickell development site that can be developed with multiple supertalls totaling over 3 million square feet. OKO Group, led by Vlad Doronin, is a partner on the purchase and planned redevelopment.
New York-based L&L is led by David Levinson and Robert Lapidus, and San Francisco-based Shorenstein is led by Brandon Shorenstein. Claure Group is former Sprint and SoftBank Group International CEO Marcelo Claure’s investment firm.
Wynwood Plaza’s office building has commitments for 60 percent of the space, according to L&L Holding’s spokesperson. Jeff Bezos’ Amazon leased about 75,500 square feet, and Claure Group leased space for its headquarters. Also, OKO Group and law firm Weitz & Luxenberg –– co-led by Perry Weitz, David Weitz’s father and an Oak Row investor –– have leased offices at Wynwood Plaza.
The retail and dining tenants at Wynwood Plaza will include Italian-style steakhouse Luca Steak by Miami chef Giorgio Rapicavoli, according to L&L’s release.
Nearly half of the apartments are leased, according to L&L Holding’s spokesperson.
Elsewhere in Miami, Oak Row is developing a 399-unit apartment tower and a 324-unit apartment tower, both in Edgewater. It also plans rental projects in downtown Miami, across from the Brightline passenger train station, and in North Miami Beach.
In other recent refinancings, Terra and New Valley scored $129.7 million for the 460-unit Natura Gardens multifamily complex in northwest Miami-Dade County, and Resident Group landed $113.8 million for its 279-unit Metro Edgewater rental tower in Miami’s Edgewater. Both deals closed in October.
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South Florida
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