The Real Deal Miami

Brickell Heights condo towers land $160M construction loan

Wells Fargo granted mortgage to LLCs affiliated with Rockpoint Group

April 06, 2015 04:45PM
By Katherine Kallergis

  • Print
Renderings of Brickell Heights

Renderings of Brickell Heights

The Related Group’s Brickell Heights towers received a $160.5 million construction loan, Miami-Dade County records show.

Wells Fargo granted Brickell Heights the mortgage to 9SMA and 9SMA West, LLCs affiliated with Rockpoint Group, a real estate private equity firm. Rockpoint general counsel Ron Hoyl signed the loan.

The 1.4-acre Brickell Heights will have two towers: Brickell Heights East, a 358-unit tower that’s more than 95-percent sold, and Brickell Heights West, a 332-unit tower that’s 40-percent sold, according to the developers.

Brickell Heights, at 850 South Miami Avenue, broke ground late last year and will include sustainable community gardens by Dylan Terry, a 35,000-square-foot Equinox gym, a 3,500-square-foot Soul Cycle, and a hand painted facade. Arquitectonica and Rockwell Interiors are working on the project. It’s slated for completion in 2017, according to developers.

In September, Related Group sold two retail spaces at Brickell Heights for about $23 million combined. The transactions will close when the developers receive occupancy permits upon the project’s completion.