Faena Residences Miami has secured an $817 million construction loan from TYKO Capital, clearing a major financing milestone for the luxury development on the Miami River. The developers say it is the largest condominium construction loan in Florida. The project is expected to be completed in early 2030.
Key takeaways
The loan supports the first standalone residential development from the Faena brand and the next phase of a planned waterfront district in downtown Miami.
- Fortune International Group and KAR Properties secured the $817 million financing.
- The site is at 24 SW 4th Street, across the river from Brickell City Centre.
- The developers report more than $500 million in sales to date.
- Completion is expected in early 2030.
Financing moves the project forward
TYKO Capital provided the construction loan, which was announced by project representatives on October 28. Walker & Dunlop Capital Markets’ Institutional Advisory team arranged the financing. Fortune International Group and KAR Properties said the loan advances the development toward construction.
The developers describe the financing as Florida’s largest condominium construction loan. Fortune International Group CEO Edgardo Defortuna said it reflects confidence in the project and demand for high-end real estate in Miami.
A riverfront development with a cultural focus
The project is planned for a site with roughly 300 feet of Miami River frontage and is intended to anchor a broader 14-acre Faena district on the mainland. Plans include landscaped outdoor spaces, a connection to the Miami Riverwalk, private dockage, marine concierge services and water transportation.
At its center is Faena Rose, a planned cultural and social venue of about 45,000 square feet. The development’s offering is also set to include dining, wellness, fitness, entertainment and private events.
Sales and design plans
The developers report that Faena Residences Miami has generated more than $500 million in sales. They also reported a $30 million sale of an East Tower duplex sky home as the project progresses.
Faena Design Studio and Bryan O’Sullivan Studio are collaborating on interiors, with landscape architecture by Sasaki and lighting by L’Observatoire International. Planned artistic elements include work by Andrés Reisinger and Juan Gatti, extending the Faena brand’s emphasis on art and hospitality into a residential setting.