The Pérez family’s Related Group and its partner, Integra Investments, secured $527 million in construction financing for St. Regis Residences, Miami, a luxury condo development in Brickell.
Tyko Capital, a private equity and credit investment management firm led by Adi Chugh, is the lender, according to a press release. The loan will fund construction of the 50-story branded residential tower at 1809 Brickell Avenue in Miami.
The developers said more than 60 percent of the 152 units at the planned development are in contract. The units will range from two to six bedrooms.
Robert A.M Stern Architects is designing the project with interior design firm Rockwell Group and landscape design firm Enea Garden Design. The building will have more than 50,000 square feet of amenities, including a fitness center, a full-size pickleball court, a private marina, a spa and wellness center, and an indoor lap pool. The property will also have a St. Regis Tea Room and a fine dining restaurant led by Michelin-starred chef Fabio Trabocchi, according to the release.
Related and Integra teamed up on the project in 2021. At the time, they planned two 46-story towers with 330 units, but later downsized the project and raised prices for the units. Related said the changes were spurred by buyers seeking larger units and more exclusivity.
It has a projected sellout of more than $1 billion.
Miami-based Integra paid $14 million for the 3-plus-acre property in 2014, records show.
Condo developers have been able to secure monster construction loans in South Florida in part because they can tap into buyers’ deposits to partially fund construction, reducing their lender’s risk. In June, PMG and its partners secured $668 million in construction financing for the planned Waldorf Astoria Hotel & Residences in downtown Miami, marking the largest ever condo construction loan in Florida. Bank OZK, one of the biggest condo construction lenders, provided the financing.
St. Regis Miami is one of dozens of branded condo developments in the pipeline. In Sunny Isles Beach, Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group are building their St. Regis Residences, a two-tower, 350-unit luxury condo development on the oceanfront at 18801 Collins Avenue. In April, they secured a financing boost from Bank OZK for a total of $219 million.
Developers across South Florida are teaming up with hospitality, luxury automotive and other designer brands that include the Four Seasons, Ritz-Carlton, Bentley, Aston Martin, Mercedes-Benz and Major Food Group. Developers can typically charge more per square foot when they work with a major brand, and those arrangements stay in place for at least 10 years and typically much longer.
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