Florida Developers Score $527M Loan for Miami Condo

Florida CRE developers Integra Investments and Related Group have scored a $527 million loan to work on a multifamily project in Miami.

The 50-story tower at 1809 Brickell Avenue is set to feature 152 condos, according to a report from Bisnow. The unit options will range from two to six bedrooms.

The Brickell project will include eateries such as an “upscale restaurant,” designed by Italian chef Fabio Trabocchi, and St. Regis Tea Room, according to Bisnow. Plus, 50,000 square feet worth of space will be dedicated to amenities such as a fitness center, pickleball, as well as spa and marina. Plus, the property will host sky villas, garden villas, and penthouses.

“The St. Regis Residences, Miami redefines luxury living, bringing an elevated lifestyle to the Brickell waterfront,” Nick Pérez, president of Related’s condo division, said in a statement.

“With unparalleled amenities, spectacular views and impeccable service, every aspect is curated to surpass resident expectations.”

So far, the project has locked in buyers for 60 percent of the property, even though the groundbreaking has yet to start. Tyko Capital is providing the loan.

This marks at least the second loan over the summer that Tyko has provided in Miami’s Brickell District. In July, the private equity firm provided $565 million to support a Class A+ office tower between a joint venture consisting of Cain International and OKO Group.

Generally speaking, high supply in the multifamily asset class has led to challenges all year. Plus, high interest rates haven’t helped. That said, Florida might be an exception – at least for apartments. Demand in The Sunshine State improved by nearly 700 percent over the past year for that category, according to a RealPage analysis.