TYKO Capital just provided developers Fortune International Group and KAR Properties with Florida’s largest ever condominium construction loan for their Faena Residences Miami project.
The $817 million financing will be used to complete the twin-tower development, which is expected to open on the Miami River in early 2030.
“We were proud to provide a tailored financing solution for Faena Residences Miami, a landmark project from an exceptional sponsorship group,” TYKO Founder and CEO Adi Chugh said. “This $817 million financing reflects our conviction in the strength of the Miami condominium market for special and unique projects and in Fortune International Group and KAR Properties’ ability to deliver at the highest level.”
Faena Residences Miami is the first standalone residential development by global lifestyle brand Faena, which recently opened the condo-hotel project Faena New York and is set to complete Faena Island, The Red Sea in Saudi Arabia, the brand’s first island development.
Located at 24 SW 4th St. across the river from Brickell City Centre, Faena Residences Miami will anchor a 14-acre riverfront district that is Faena’s first development on the Miami mainland. The development, which has approximately 300 feet of Miami River frontage, represents the evolution of the Faena District in Miami Beach, backers said.
“The Miami River is one of the city’s most important and historically significant waterways, and we have long believed in its potential for thoughtful transformation,” Founder and CEO Shahab Karmely said.
So far, Faena Residences Miami has sold more than $500 million of condominiums and recently sold a duplex sky home in the East Tower for $30 million — the largest residential sale ever recorded on the Miami River.
“This milestone reflects the power of Faena today and the unique formula we have created, bringing art, culture, entertainment, wellbeing and community together under one vision,” said Alan Faena. “For us, true luxury is what emerges from that vision: creating extraordinary places that transform the way people live and bring greater joy, inspiration and meaning to everyday life. This unstoppable vision is driving Faena forward as a global lifestyle brand, expanding into new cities and destinations while remaining unmistakably Faena, bringing together architecture, art, culture and hospitality to create something entirely new for the city.”
Walker & Dunlop Capital Markets Institutional Advisory, led by Michael Stepniewski, Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Sean Bastian, arranged the financing.
