ACRES Provides $36.95 Million for Retail Property in Miami, Florida
JANUARY 16, 2025Loan to fund a 61,572 SF retail property in Miami, FL
Miami, FL (October 31, 2024) – ACRES Capital Corp. (together with its affiliates, “ACRES”) announced today that it has acquired a $36.95 million loan to refinance the development of Wynwood Walk, a retail property in the Wynwood Arts District, located in Miami, FL (the “Property”) on behalf of its Cayman Island Fund. The loan was secured for Thor Equities Group (the “Sponsor”) and facilitated by Anthony D’Amelio of Iron Hound Management Company, LLC (the “Broker”).
“ACRES is excited to partner with Thor Equities Group on this unique asset in the vibrant Wynwood market. In recent years, Wynwood has experienced a renaissance fueled by its world-renowned art scene and a plethora of new retail, dining, and nightlife businesses that attract over 15 million tourists annually. Thor has done a tremendous job developing a property that offers a diverse mix of retailers that cater to Wynwood’s rapid population and tourism growth.” said ACRES Chief Executive Officer and President Mark Fogel.
Wynwood Walk is a Class A retail property consisting of three single-story buildings and one two-story building, built in phases from 1945 to 2020. Located in Miami’s Wynwood Arts District, it offers 10 tenant spaces ranging from 630 to 17,616 SF, with a rooftop terrace on the second floor of Building 4. Currently 95% leased, the property has a variety of tenants, including restaurants and retail, and is well-connected with access to highways, downtown Miami, and surrounding amenities.
