As published by Commercial Observer

A joint venture led by Related Group secured $165 million to refinance The Dorsey, a newly completed development in Wynwood.

Alex Karakhanian’s LNDMRK and Ben Mandell’s Tricera Capital co-developed the mixed-use project, which opened late last year. The 618,596-square-foot building features 73,000 square feet of office space and 36,000 square feet of retail space on the ground floor plus 306 apartments.

The refinancing loan from MF1 Capital will pay off an $87.5 million construction loan provided by Bank OZK in 2020, according to Berkadia. The brokerage’s Scott Wadler, Brad Williamson, Matt Robbins, Mitch Sinberg, and Michael Basinski arranged the 30-month, interest-only loan.

“Despite the macro headwinds, lender confidence remains high for those projects of the highest quality,” Jon Paul Perez, president of Related Group, said in a statement.

Residential and retail leasing remains ongoing, while Dorsey’s office component is fully leased, according to The Real Deal, which first reported the latest loan. Hedge-fund Schonfeld Strategic Advisors doubled its footprint to 37,000 square feet at the 12-story property last year.

The joint venture had acquired the 2-acre site at 286 NW 29th Street, just south of the Midtown district, for $31 million in 2019, according to property records.

Credits: Julia Echikson, Commercial Observer