Flow Brickell Nears Grand Opening with Major Refinancing Deal
Flow Brickell, a striking 54-story residential tower in Miami’s bustling Brickell neighborhood, is on the cusp of opening its doors. Developers have successfully secured a significant refinancing deal, paving the way for the tower’s completion and future development plans. This financial milestone ensures the project’s progression and signals a new era for the prominent development.
Key Takeaways
- A 54-story tower in Brickell, soon to be known as Flow Brickell, is nearing completion.
- A new equity and refinancing deal has been finalized, involving Canada Global and other partners.
- The project includes adjacent parcels with potential for approximately 1,300 units and substantial commercial space.
- A $350 million refinancing deal has replaced an existing loan.
- The tower is slated to open in October 2025, with a Temporary Certificate of Occupancy required by October 31, 2025.
Ownership and Financial Restructuring
Canada Global has announced its participation in a partnership that acquired a 60% stake in the development site, valued at $106 million. This stake includes the nearly finished tower and adjacent land parcels with rights for an additional 1,300 units and 2.5 million square feet of mixed-use space, encompassing office, hotel, and retail components.
The seller, Chetrit Group, will retain a 39.5% ownership interest, with a promoter holding a 0.5% stake. Other key stakeholders include Flow, holding approximately 14.6%, and Yellowstone, with a 22.7% share, comparable in size to Canada Global’s investment.
Refinancing and Future Outlook
A substantial $350 million refinancing deal has been successfully completed with a U.S. financial institution, effectively replacing a previous $372 million loan. This new financial arrangement is crucial for the project’s final stages.
The tower, officially renamed Flow Brickell, is being advertised on Flow’s website with an anticipated opening in October 2025. The building will feature 632 residential units, 770 parking spaces, and 39,000 square feet of commercial space. A critical condition of the refinancing agreement mandates the acquisition of a Temporary Certificate of Occupancy (TCO) by October 31, 2025.
Future plans for Flow Brickell encompass the completion of construction, the leasing and sale of residential units, and the potential development of the additional building rights secured with the adjacent parcels.