Developer Lands Financing To Build New Knotel 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.