Faena Residences Miami Lands $817M Construction Loan, the Largest in Florida History

Faena Residences Miami is fully financed and heading into construction.

Fortune International Group and KAR Properties have closed an $817 million construction loan from Tyko Capital for the two-tower condominium at 24 SW 4th Street, on the north bank of the Miami River across from Brickell City Centre. The developers say the loan is the largest construction financing ever recorded in Florida, topping the $772 million package Stephen Ross secured for two Class A office towers in West Palm Beach. Walker & Dunlop arranged the debt.

"This financing demonstrates the depth of confidence in the project and the continued global appetite for best-in-class real estate in Miami," said Edgardo Defortuna, president and CEO of Fortune International Group.

The project

Rafael Viñoly Architects designed the pair of 68-story towers on a 1.8-acre riverfront site, with 217 residences in each building for 434 homes in total. A three-story sky bridge links the two towers about 700 feet above the ground and holds Faena Rose, a roughly 45,000-square-foot cultural and wellness club with an infinity-edge pool, dining, lounges and coworking space. It is the first condominium development for Faena, the hospitality brand founded by Alan Faena and Len Blavatnik in 2000, and its second mixed-use footprint in South Florida after the Faena District in Miami Beach.

Sales

The developers report more than $500 million in presales, which covers more than 60% of the new loan. That total includes a $30 million duplex sky home in the East Tower, which the developers call the largest residential sale on the Miami River. The penthouse collection is led by the two-story Crown Residence, listed at $39.5 million.

The road here

The site has been in play for more than a decade. KAR Properties first controlled the land in 2013 and launched sales for an earlier Viñoly-designed tower in 2015 that never broke ground. Fortune came in as a partner in 2022 through a $58.8 million deal, Bank OZK provided a $38 million loan in 2023 for site work and marketing, and the Faena-branded project launched in 2024.

The lender

Tyko Capital, led by Adi Chugh and backed by Elliott Management, has become one of the most active condo construction lenders in South Florida, with recent loans for Terra's 1250 West Avenue in Miami Beach, Icon Beach Waterfront Residences in Hollywood and the Bentley-branded tower in Sunny Isles Beach. The Faena closing came the same week Fortune and Château Group secured a $463 million loan for a tower at St. Regis Residences in Sunny Isles Beach.

Timeline

With the loan closed, the developers say the project is moving into construction, with completion targeted for early 2030.