TotalBank, Miami’s premier community bank, closed a multi-million-dollar loan to Wynwood West LLC to refinance an assemblage of retail properties located at 2800 NW Seventh Avenue in Miami’s burgeoning Allapattah neighborhood, adjacent to the popular Wynwood Arts District.
The funds will be used for capital improvements to modernize the 37,458-square-foot block of retail space just west of I-95. The eclectic mix of tenants ranging from food and beverage, retail, service businesses, fashion apparel and dance establishments include Debby Katz Boutique, Laguna Seafood, Conscious Bite, Jacky’s Café and Taberna Las Rosas.
According to Ramon Rodriguez, TotalBank’s executive vice president, Corporate Lending, the Allapattah area quickly is becoming a desirable and more affordable location for artists and creative types as rents and property values in the chic Wynwood district have soared.
“Allapattah’s gritty and hip urban character, its central location to major employment centers and proximity to Miami’s booming mid-town are really heightening the neighborhood’s appeal,” Rodriguez said.
“Like other areas of Miami, Allapattah is on the cusp of a renaissance. TotalBank recognizes the opportunities to help a community come into it’s own and spark that movement,” he added.
“These small business retail shops are vital resources for local residents who are flooding into Allapattah,” said James Quinlan of Wynwood West LLC. “Partnering with TotalBank allows us to renovate and redevelop these establishments to keep up with the growing pace of up-and-coming neighborhoods.”
TotalBank’s Jacqueline Cruz Bustillo was the lending agent. Terms of the transaction were not disclosed.
For additional information about TotalBank, visit www.totalbank.com.