Miami's Faena Residences Secures $817 Million Construction Loan From TYKO Capital; Two 68-Story Towers Target 2030
MIAMI, Miami-Dade County, Florida — The developers of Faena Residences Miami announced on October 28 that TYKO Capital has provided an $817 million construction loan for the two-tower luxury condominium project, a financing the sponsors describe as the largest construction loan in Florida history.
Fortune International Group and KAR Properties are developing the project at 24 Southwest Fourth Street on the Miami River, across from Brickell City Centre. Designed by Rafael Viñoly Architects, the development comprises two 68-story towers with more than 400 residences in total, linked by a sky bridge, on a 1.8-acre site. Construction is expected to be completed in 2030.
The sponsors say the project has generated more than $500 million in presales to date, including a $30 million penthouse purchase. 'The debt transaction demonstrates the depth of confidence in the project and the continued global appetite for best-in-class real estate in Miami,' Fortune president and CEO Edgardo Defortuna said in a statement. The financing was arranged by Walker & Dunlop.
Source: GSM · USA
Source: GSM · USA (original Chinese edition)
Photo: Wikimedia Commons / Phillip Pessar / CC BY 2.0
