Wood Partners Lands $86M Refi for Miami Tower
- Aug 27, 2020
Wood Partners, the developer behind the Miami luxury tower Yard 8, has secured a $86.3 million refinancing loan from Asia Capital Real Estate. The Atlanta-based owner, developer and manager will use the first mortgage loan to place permanent financing on the Class A multifamily property.
Completed in May 2019, the 387-unit community is located in the Wynwood/Midtown area, once part of the Buena Vista Rail Yard. The 28-story tower houses a mix of studio-, one-, two- and three-bedroom apartments with industrial-inspired interiors. Units feature open concept spaces, concrete loft-style ceilings, floor-to-ceiling windows, custom Italian cabinetry and frameless glass showers, according to Wood Partners.
Building amenities at Yard 8 include a rooftop pool, clubhouse, fitness center and 519 parking spaces, according to Yardi Matrix data. The property also includes roughly 30,000 square feet of ground-floor retail space. According to the owner, the asset is currently about 83 percent occupied.
Wood Partners has been busy opening and breaking ground on new properties across multiple southern markets over the past two months. Just this week, the firm announced it had started construction on a 330-unit community in Scottsdale, Ariz., that is slated to be completed in the fall of 2021. The news follows openings and groundbreakings in Orlando, Fla.; Cary, N.C.; and Tampa, Fla., in July and August.
The ongoing coronavirus pandemic has impacted businesses across the spectrum, including the retail and office sectors of real estate. However, multifamily is one of the segments of the industry that has been seen as the most resilient, along with the industrial sector. According to one recent report, multifamily is performing particularly well in suburban areas, as the nationwide shift to remote work has led many urban renters to look to for more space for a lower cost.