Related, partner to close $33M loan for Lenny Kravitz-designed Wynwood project
The Related Group and Block Capital Group broke ground on a mixed-use development in Wynwood with plans to close on a nearly $33 million construction loan later this month.
The joint venture is building the Bradley, a 175-unit apartment building with about 32,000 square feet of retail space and an underground parking garage on the site at 51 Northwest 26th Street. Related vice president Jon Paul Perez declined to identify the lender, but said the developers would close on the financing within two weeks.
Kravitz Design, Lenny Kravitz’s firm, will design the project’s interiors, Perez said. Apartments, a majority of which are considered micro units, will range from 480-square-foot studios to a 1,000-square-foot, three-bedroom unit. Rents will range from about $1,400 to $2,800 a month.
The development, previously called Wynwood 26, is expected to open in early 2020. It will feature a lobby, gym, rooftop deck with an outdoor grill and cabanas. Kravitz Design will also handle the programming.
Related partnered with Block Capital Group in 2015 when it paid $5.25 million for its 50 percent share of the 1.2-acre development site.
Related also partnered with East End Capital on a mixed-use apartment project and adjacent office building. The developers topped off Wynwood 25, the 289-unit, eight-story apartment building last week.
In December, a Los Angeles spec home designed by Kravitz hit the market for $38 million.
Source: The Real Deal