The owner of a fairly new Wynwood office building is facing foreclosure over an alleged $101 million mortgage debt.
Wilmington Trust NA, as trustee for Boise-based A10 Capital, sued an affiliate of New York-based R&B Realty for allegedly defaulting on two loans by failing to make monthly payments since December, the lawsuit alleges. The mortgages are secured by Gateway at Wynwood at 2916 North Miami Avenue in Miami.
The lawsuit, filed in Miami-Dade Circuit Court on Tuesday, alleges that R&B’s affiliate owes $98.6 million on one of the mortgages and $3 million on the other loan. “Plaintiff’s position is clearly set forth in the lawsuit,” said David Haber, Wilmington Trust NA’s lawyer. “We have no further comment.”
Aron Rosenberg, R&B’s CEO, did not respond to two phone messages seeking comment.
In February of last year, R&B obtained a $113 million loan from A10 Capital. The funds refinanced a previous $76 million loan used to build the 14-story building that was completed in 2021, records show. The A10 loan was set to mature in 2026 with two one-year extension options.
In 2016, R&B paid $11.5 million for the 1.1-acre site, records show. Since opening three years ago, Gateway at Wynwood assembled a tenant roster that includes tech start-up OpenStore, crypto company Ripple, brokerage Marcus & Millichap, biopharmaceutical company Veru, and coworking provider Mindspace.
In addition to 195,000 square feet of office space, Gateway at Wynwood has roughly 25,000 square feet of retail and 512 parking spaces. Roughly 80,000 square feet of office space is available at Gateway at Wynwood at an average asking rent of $70 a square foot, according to Loopnet.
In another recent South Florida foreclosure, Miami-based Rok Lending is alleging the developer of an Aventura medical office building defaulted on a $15 million loan taken out in April. The Rok family’s mortgage arm alleges that Miami-based Gomez Development Group hasn’t made monthly payments since July.
The loan is secured by a 1.6-acre development site at 21291 Northeast 28th Avenue where Gomez is planning a seven-story building.
Marlon Gomez, principal of Gomez Development, said he’s found a private lender that will refinance the Rok Lending loan.