Fortune International Group and KAR Properties have secured an $817 million construction loan for Faena Residences Miami, a 406-unit condominium project on the Miami River. The financing, provided by TYKO Capital and arranged by Walker & Dunlop, is described by the developers as the largest condominium construction loan recorded in Florida. The project is expected to be completed in early 2030.
Key takeaways
The financing will support a major luxury development planned for Miami’s riverfront. Its scale, sales activity and amenity offering make it a notable project in the region’s condominium market.
- The project will feature two 68-story towers and 406 residences.
- Developers report more than $500 million in sales to date.
- A 45,000-square-foot sky bridge will connect the towers and include an infinity-edge pool.
- Completion is expected in early 2030.
A large-scale addition to the Miami River
Faena Residences Miami is planned for 24 SW Fourth St., near downtown Miami, Brickell City Centre, light rail stations and the downtown ferry terminal. The gated development will have nearly 300 feet of river frontage and anchor a 14-acre mixed-use riverfront district.
The East and South towers will be linked by a three-level structure spanning floors 61, 62 and 64, approximately 700 feet above ground. The project marks the Faena brand’s first standalone residential development and its first expansion onto the Miami mainland. Faena, founded in Buenos Aires in 2000, operates in luxury hospitality and residential real estate.
Residences will range from one to four bedrooms and measure between 711 and 6,652 square feet. Planned offerings include river lofts, sky villas, sky lofts and lower and upper penthouses. The developers also reported a $30 million sale of a duplex sky home in the East Tower, which they said set a residential sales record along the Miami River.
Amenities span riverfront to sky bridge
Shared amenities are planned across the ground, podium and sky-bridge levels. At ground level, residents will have access to a café, landscaped gardens, a riverfront park and promenade, and a private yacht arrival area with marine concierge services. A lobby with commissioned murals is also planned.
The sky bridge will include lounges, cultural and social clubs, coworking and meeting rooms, dining spaces, and an infinity-edge pool with a bar and private cabanas. The podium level is set to feature the Tierra Santa Healing House spa, fitness and movement studios, pools, outdoor terraces, a padel court, a children’s play area and a pet spa.
Rafael Viñoly Architects is the architect of record. Faena Design Studio and Bryan O’Sullivan Studio are responsible for interiors, while Sasaki is handling landscape architecture.
Miami condo financing remains active
The loan adds to a run of large financing deals for South Florida condominium projects. Recent transactions cited in the report include a $463 million loan for the completion of St. Regis Residences in Sunny Isles Beach and a $507 million construction loan for a Miami Beach waterfront project, also provided by TYKO Capital. The activity signals continued lender participation in the region’s luxury residential development pipeline.