Related Group And Metro1 Secure $73 Million Construction Financing From Cerberus For 248-Unit Wynwood 29 Mixed-Use Development
The Related Group and Miami-based real estate firm Metro1 have secured $72.8 million in construction financing from New York City’s Cerberus Capital Management to develop an upcoming mixed-use project dubbed Wynwood 29, a two-building development of 8 and 12 stories planned to yield a combined 248 dwelling units accompanied by 26,651 square feet of retail space and 372 parking spaces. The subject properties are addressed as 2828 Northwest 1st Avenue and 2819 Northwest 1st Avenue, encompassing two parcels of land between Northwest 28th and 29th Streets in the heart of the Wynwood Arts District in Miami. Arquitectonica is credited as the design architect for the development.