Faena Residences Miami has secured an $817 million construction loan, the largest ever for a condominium project in Florida, according to the project’s backers. The financing will support completion of the twin towers, planned as the centerpiece of a 14-acre Miami River district. The development is expected to open in early 2030.
Key takeaways
- TYKO Capital provided the $817 million loan to developers Fortune International Group and KAR Properties.
- The twin-tower project will anchor Faena’s first development on mainland Miami.
- Developers say condominium sales have topped $500 million, including a $30 million duplex sale.
The financing marks a major funding milestone for a large-scale riverfront project, though the planned opening remains several years away.
Financing backs twin-tower development
TYKO Capital’s loan is intended to fund completion of Faena Residences Miami. The firm’s founder and CEO, Adi Chugh, described the financing as tailored to the project and said it reflected confidence in the Miami condo market and the developers’ ability to deliver.
Walker & Dunlop Capital Markets Institutional Advisory arranged the financing. The project’s developers are Fortune International Group and KAR Properties.
A new riverfront district for Faena
The development is planned for 24 SW 4th St., across the Miami River from Brickell City Centre. With approximately 300 feet of river frontage, it will anchor a 14-acre district and mark Faena’s first mainland Miami project. Its backers describe the development as an extension of the Faena District in Miami Beach and point to the river’s historical importance and potential for redevelopment.
Faena Residences Miami is the brand’s first standalone residential development. Faena has also expanded beyond Miami, including with a condo-hotel project in New York, while its planned Faena Island development in Saudi Arabia is set to be its first island project.
Sales and record-setting residence
The developers report that the project has sold more than $500 million in condominiums to date. A duplex sky home in the East Tower recently sold for $30 million, which the project’s backers say is the largest residential sale recorded on the Miami River.
Alan Faena said the project is intended to bring together art, culture, entertainment, wellbeing and community. The development’s progress and eventual opening will add a new residential destination to the Miami River corridor.