Faena Residences Miami has secured an $817 million construction loan, reported as the largest condo construction financing in Florida history. The funding will support completion of the twin-tower project on the Miami River, part of a planned 14-acre riverfront district. Developers expect the residences to open in early 2030.
Key takeaways
The financing marks a major milestone for a project bringing the Faena brand to Miami’s mainland.
- TYKO Capital provided the $817 million loan to developers Fortune International Group and KAR Properties.
- The development is planned for 24 SW 4th St., across the river from Brickell City Centre.
- The project has recorded more than $500 million in condominium sales.
Financing for a riverfront development
The loan will fund completion of Faena Residences Miami’s twin towers. TYKO Capital founder and CEO Adi Chugh said the financing reflects the lender’s confidence in the Miami condominium market and the developers’ ability to deliver distinctive projects. Walker & Dunlop Capital Markets Institutional Advisory arranged the financing.
Faena’s first mainland Miami project
The development will anchor a 14-acre riverfront district and feature about 300 feet of frontage along the Miami River. It is Faena’s first development on the Miami mainland and the brand’s first standalone residential project. The project is described by its backers as an evolution of the Faena District in Miami Beach.
Fortune International Group and KAR Properties are developing the project. Faena founder and CEO Alan Faena said the company’s concept brings together art, culture, entertainment, wellness and community. Shahab Karmely, founder and CEO, described the Miami River as a historically significant waterway with potential for considered redevelopment.
Sales and broader expansion
Faena Residences Miami has sold more than $500 million in condominiums. A duplex sky home in the East Tower recently sold for $30 million, which the project’s backers identified as the largest residential sale recorded on the Miami River.
The project adds to Faena’s international expansion. The lifestyle brand recently opened the Faena New York condo-hotel project and is preparing to complete Faena Island, The Red Sea, in Saudi Arabia, its first island development. Faena Residences Miami is expected to open in early 2030.