Fisher Island Condo Secures $400M Construction Loan

Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group have secured  a $400 million construction loan from Madison Realty Capital for Residences at Six Fisher Island, a 10 story, 50 unit luxury condo. Madison Realty Capital’s loan replaces the $85 million acquisition loan the firm originated in 2022. The project is set to begin construction this summer, with completion slated for 2026.

Berkadia South Florida arranged the nine-figure loan, with efforts led by Managing Director Scott Wadler, Vice President Michael Basinski, and senior associate Patrick Johnson, as well as Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matthew Robbins.

Built on the last available development parcel on Fisher Island’s Northeastern shoreline, The Residences have generated more than $500 million in sales since launching in late 2022. Two of the property’s penthouses sold earlier this year for a combined total of $150 million, with remaining inventory targeting prices north of $4,000 per square foot.

“In an otherwise tough climate to secure construction financing, this project is a unicorn and checked all the boxes,” Wadler said. “Related and BH Group continue to demonstrate incredible prowess in identifying last-of-its-kind waterfront sites and articulating a new and inspired vision for ultra-luxury living that attracts the most discerning buyers from across the globe.”

The Berkadia South Florida Mortgage Banking team has arranged approximately $1 billion in capitalizations for several of Miami’s newest residential projects – including the Related Group’s Baccarat Miami Residences and ONE Park Tower by Turnberry – since the beginning of 2024.