The Residences at 1428 Brickell, a towering 70-story residential condominium, is celebrating significant achievements in both sales and financing. The development has successfully secured $565 million in construction financing and has already sold over 60% of its luxury units, signaling strong market confidence and buyer demand.
Key Takeaways
- Over 60% of units sold in the 70-story residential condo building.
- $565 million in construction financing secured.
- Unit prices range from $2 million to $7 million, with a $60 million penthouse.
Development Progress and Financing
Ytech, the developer behind The Residences at 1428 Brickell, has finalized a substantial $565 million in construction financing. This financial backing was facilitated by J.P. Morgan, with Sculptor Real Estate acting as the junior lender. JLL Capital Markets, represented by Melissa Rose and Brian Gaswirth, played a crucial role in representing the borrower throughout the financing process.
Sales Momentum and Unit Offerings
The luxury condominium project has experienced remarkable sales success, with more than 60% of its units already under contract. The fully-furnished residences at 1428 Brickell are priced between $2 million and $7 million. Commanding the top floor is an opulent penthouse valued at $60 million, representing the pinnacle of luxury living in the development.
Developer’s Vision
Yamal Yidios, CEO of Ytech, expressed his satisfaction with the recent milestones. "The financing we’ve secured for The Residences at 1428 Brickell underscores the capital market’s confidence in our vision and execution — in design, sales and construction progress," Yidios stated. He further emphasized the collaborative effort, thanking all parties involved and highlighting the roles of J.P. Morgan and Sculptor in strengthening the project’s position. Yidios believes the tower will set a new benchmark for Brickell and Miami’s luxury market through its quality, design, and innovation.