Fortune International Group and KAR Properties have secured an $817 million construction loan from TYKO Capital for Faena Residences Miami. Announced October 28, the financing is expected to move the luxury development on the Miami River into construction. The developers say the project has surpassed $500 million in sales, with completion targeted for early 2030.
Key takeaways
The loan is a major financing milestone for the project and is described by its developers as the largest condominium construction loan in Florida. Faena Residences is planned as the residential anchor of a broader waterfront district.
- TYKO Capital provided $817 million in construction financing.
- The project is at 24 SW 4th Street, across the river from Brickell City Centre.
- Developers report more than $500 million in sales, including a $30 million East Tower duplex sale.
- Completion is expected in early 2030.
Financing moves project toward construction
Walker & Dunlop Capital Markets Institutional Advisory arranged the loan. Fortune International Group CEO and President Edgardo Defortuna said the financing reflects confidence in the development and continuing international interest in Miami real estate. The announcement marks a significant step for the project, which is the Faena brand’s first standalone residential development.
The site is planned to anchor a 14-acre Faena district on the Miami mainland. Project plans include roughly 300 feet of Miami River frontage, landscaped outdoor spaces and a private marine program. The development also plans to connect with the Miami Riverwalk and offer private dockage, marine concierge services and water transportation.
Residences combine design, culture and hospitality
Faena Design Studio and Bryan O’Sullivan Studio are collaborating on interiors, with landscape architecture by Sasaki and lighting by L’Observatoire International. The project also plans to incorporate original artistic elements by Andrés Reisinger and Juan Gatti, extending the brand’s emphasis on art and hospitality into a residential setting.
A central feature is Faena Rose, a planned cultural center of approximately 45,000 square feet. Its proposed offering includes cultural programming, private events, dining, wellness, fitness and entertainment. Together with the waterfront amenities, the center is intended to give the development a role beyond providing residences.
Sales progress and delivery outlook
The developers say sales have exceeded $500 million as the project advances. A reported $30 million sale of an East Tower duplex sky home adds to that total. The loan provides construction financing for the next phase, while early 2030 remains the stated target for completion.