Yamal Yidios’ Ytech secured $565 million in financing for the firm’s 70-story luxury condo tower that’s under construction in Miami’s Brickell.
The construction loan marks one of the largest to close in South Florida this year. J.P. Morgan is the senior lender, and Sculptor Real Estate is the junior lender, according to a press release.
JLL’s Melissa Rose and Brian Gaswirth arranged the financing on behalf of the developer.
The Residences at 1428 Brickell, a 195-unit project, is more than 60 percent presold, according to the release. Buyers are from more than 17 countries in Latin America and Europe, as well as from within the U.S., including Miami, New York, Chicago and San Francisco. Miami-based Ytech hired Cervera Real Estate to lead sales and marketing of the condos in 2022.
The 850-foot-tall building will mark the first high-rise residential building in the world that will be partially powered by solar power. The developer will integrate photovoltaic glazing in the glass facade that forms the building’s “solar backbone.”
Excluding penthouses, condos at 1428 Brickell range in price from $4.4 million to $10 million, and from 1,800 square feet to 4,000 square feet. The lower penthouses will be between 4,000 square feet and 7,000 square feet, and range in price from $10 million to $20 million, according to the release. The building will also have two $60 million penthouses, each with seven bedrooms, nine bathrooms and two balconies.
The 80,000-plus square feet of amenities will include three pools, a 10,000-square-foot fitness center, a two-story wine and art lounge, a spa with aquatic therapy, office suites and guest residences. The solar energy will be used to partially power the amenities.
Last year, Ytech secured $104 million in financing for multiple Brickell properties, which included a $78 million refinancing from Linkvest Capital of the acquisition loan for the development site at 1428 Brickell Avenue.
Ytech paid $26.5 million for the 1.1-acre property in early 2017, plus tens of millions of dollars more to settle claims and other issues, the developer said at the time.
The latest financing package marks the biggest Brickell condo construction loan this year. Even though condo presales have slowed across South Florida, and developers are dealing with a myriad of cost increases, a handful of developers have been able to secure large loans to move their projects forward.
In September, Newgard Group and Two Roads Development secured a $513 million financing package for their One Brickell Riverfront luxury condo complex that’s under construction. The project includes the 44-story, 362-unit Lofty Brickell tower and the 46-story, 422-unit Standard Residences tower. They’ll share a podium.
And in April, PMG scored a $413 million construction loan for its planned two-tower One Twenty Brickell Residences at 120 Southwest Eighth Street. Ares Management and Monarch Alternative Capital are the lenders.
Read more
Development
South Florida
Ytech scores financing for 1428 Brickell condo tower, historic properties
Development
South Florida
Newgard, Two Roads score $513M construction loan for Miami River condo project
Residential
South Florida
PMG lands $413M construction loan for Brickell towers, marking largest financing in South Florida so far this year
