MIAMI, FL – 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.”
About The Related Group: Established in 1979, The Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed more than 90,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio of projects in excess of $15 billion.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined the new cycle of real estate by diversifying both its products and buyers, expanding internationally with projects in Mexico, Argentina, India and Brazil, while sponsoring public art installations that enhance cities’ global culture and streetscapes.
TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States, and he’s made the cover of Forbes twice. Currently, The Related Group has over 70 projects in varying phases of development, led by Chief Operating Officer, Matt Allen, and five division presidents, including Carlos Rosso, President of Related Condominium; Steve Patterson, President of Related Development; Albert Milo, President of Related Urban Development; and Larry Lennon, President of TRG Management.
About Block Capital Group: With more than 30 years of success, Block Capital Group is a premier integrated real estate development firm. BCG has unrivaled experience in investment, development, management and property value creation with a worldwide focus. BCG currently manages more than 50 commercial properties and projects in all sectors of real estate, including retail, office building, hotels and residential.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.