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Developer Lands Financing To Build New Knotel In Wynwood

Rendering of the Wyncatcher at 2143 Northwest First Ave. in Wynwood.

Knotel, the flexible office company that was bought out of bankruptcy by Newmark in 2021, is opening a location in an adaptive reuse property in Wynwood.

Developer Morabito Properties scored an $11M construction loan for the Wyncatcher building, a warehouse it is turning into office and retail with a rooftop balcony overlooking the Wynwood Arts District, according to a release from Berkadia, which arranged the loan.

Knotel signed a seven-year lease for the entire 46K SF office component of the building, CoStar reported. There is also 12K SF of indoor-outdoor restaurant space, and the building is scheduled for delivery in March 2023.

“Flexible office space occupancy in Miami is at an all-time high, allowing newly migrated entrepreneurs and companies to enter the market and grow as needed,” Berkadia Managing Director Scott Wadler said in a statement.

The $11M construction loan from Banesco carries an eight-year term, with two years of interest-only payments.

Morabito is a local developer based in Miami Beach, and Wyncatcher marks its first development in Wynwood. The development, located at 2143 Northwest First Ave., will be designed by Arquitectonica.