The Real Deal Miami

$76M construction mortgage for 1010 Brickell

Regions Bank leads syndicate of lenders in funding Miami condo project

November 05, 2014 11:15AM

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1010 Brickell rendering

1010 Brickell rendering

Developers Key International and 13th Floor Investments obtained a $76 million syndicated construction loan for the 1010 Brickell condo project under construction in Miami’s financial district.

Regions Bank was the lead lender, with participation from Mercantil Commercebank and Citi National Bank, according to Tuesday’s written announcement from a project spokesperson. The developers began construction in September. Moss and Associates is the general contractor.

Nearly all of the 387 residences at 1010 Brickell are presold. The Sieger Suarez Architectural Partnership designed the project.

Construction lenders are ramping up in South Florida once again. In the last week alone, new financing has been announced for a Fort Lauderdale residential tower to be developed by Stiles and Rockefeller Group, the SoMa at Brickell apartment project and the Portico rental complex in Sunrise. — Eric Kalis