Empira scores $111M construction loan for 310-unit apartment tower in Brickell

Empira Group scored a $111.3 million construction loan for a 310-unit apartment tower in Miami’s Brickell, The Real Deal has learned. 

The financing comes as construction loans and refinancings continue to flow in South Florida, despite higher interest rates and other economic headwinds. 

Empira, a Swiss firm that entered the Miami market three years ago, plans the 26-story Perrin project with 380 parking spaces and 2,500 square feet of retail at 244 Southwest Ninth Street in Miami, according to the firm’s news release. Goldman Sachs provided the construction financing. 

Daniel Matz of Newmark represented Empira. 

Designed by Corwil Architects, Perrin will consist of one- to three-bedroom apartments, the release says. It will include a rooftop zen garden and tea room, co-working spaces and a gym. 

Construction is expected to start this summer, and completion is slated for 2027, according to the release. 

Empira –– led by Rafael Aregger, Branko Kuzmanović and Michael Marrero –– is a private equity and debt investment manager focused on residential real estate in German-speaking parts of Europe. It invests primarily on behalf of German pension funds, insurance firms and banks. 

For years, the firm has wanted to expand into the U.S. Economic uncertainty in Europe that followed Russia’s invasion of Ukraine partly pushed its expansion into Miami. 

Empira made its Miami debut in 2022 with the $9 million purchase of a half-acre development site at 3025 and 3051 Southwest Third Avenue in Miami’s The Roads neighborhood. Last month, it started construction of the eight-story, 85-unit Enso multifamily project on the site. 

In 2023, Empira paid $21.5 million for the 1-acre Perrin development site. Denver-based Grand Peaks was a partner in the purchase, with the plan at the time for Empira to lead the project. Grand Peaks is no longer involved in the project, according to an Empira spokesperson. 

Empira, based in Zug, Switzerland, opened its U.S. headquarters in downtown Miami last year. 

Developers have continued to score hefty construction loans for South Florida projects.  

This month, Giuseppe Iadisernia landed a $112 million financing to build the 25-story, 250-unit east tower at his Oasis Hallandale project. The tower will be at 1000 East Hallandale Beach Boulevard. 

In the largest known financings so far this year, PMG scored a $413 million construction loan last month for the two-tower One Twenty Brickell Residences at 120 Southwest Eighth Street. The complex will consist of a 37-story, 266-unit condo tower and a 41-story, 537-unit apartment tower. 

In April, David Martin’s Terra and Jackie Soffer’s Turnberry landed $392 million to build the  17-story, 800-room Miami Beach Convention Center hotel.