East End Capital recently closed on $30 million in financing for various of its Wynwood-area properties.
The financing for The Wynwood Arcade and a group of warehouses located on NW 24th and 25th streets was provided by Rialto Capital Management and is being used to pay for tenant allowances and landlord work associated with newly signed restaurant leases, along with the costs of leasing remaining vacancy.
Approximately $18 million of the loan proceeds will be used at East End’s warehouse properties located at 282-310 NW 25 St. and 325-339 NW 24 St., which were assembled by the firm between 2014 and 2016.
The warehouse situated at 282 NW 25 St. recently was leased to Bartaco. Bartaco is a full-service taco and tequila restaurant inspired by the beach culture of Brazil, Uruguay and Southern California. Just to the west of Bartaco at 292 NW 25 St., East End signed a lease with Barcelona Wine Bar, the largest Spanish restaurant group in the United States, widely known for its specialty tapas and expansive wine selection.
Bartaco and Barcelona Wine Bar will be sharing a 4,600-square-foot outdoor patio between their two spaces. East End is commencing construction on 20,000 square feet of remaining vacancy at the project, located at the nexus of Third Avenue and NW 25th Street. Both Bartaco and Barcelona Wine Bar will open in 2019. Nothing new is occurring at 325-339 NW 24 St., which remains home since 2015 to one of Wynwood’s most recognized craft breweries, Concrete Beach.
“We’re committed to bringing an eclectic mix of fashion and dining destinations to the vibrant Wynwood Arts District,” said Marc Gitto, managing director of East End Capital. “This refinancing will allow us to deliver top-quality spaces for current and future tenants as well as Wynwood-area patrons.”
Approximately $12 million of the financing will go towards The Wynwood Arcade, a well-known retail and dining destination in the heart of the Arts District. The Arcade will welcome two new tenants, healthy fast-casual poke restaurant, OOH RAW and women’s clothing boutique Shirlanka this summer. With limited vacancy remaining, the Arcade is anchored by James Beard award-winning chef Norman Van Aken’s Three restaurant and No. 3 Social rooftop bar. The acclaimed chef’s cooking school, In the Kitchen, also is located at the Arcade and recently launched its full schedule of cooking classes.
Leasing at the Wynwood Arcade is being managed by Zach Winkler of JLL, while leasing at Wynwood area warehouses is handled by Sara Wolfe of Koniver Stern Group.
