$124M mortgage given to Echo Brickell developer
Developer Property Markets Group obtained nearly $124 million in construction financing for Echo Brickell and plans to start construction on the 180-unit tower by the end of October.
Canyon Capital Realty Advisors provided the mortgage for the project, according to Wednesday’s announcement from a Property Markets Group spokesperson. Miami-Dade County has not recorded the transaction. More than 80 percent of Echo Brickell’s units are under contract.
Cohen Financial’s Miami team represented the developer in the deal.
Echo Brickell includes a mix of one, two and three-bedroom condos. Architect Carlos Ott collaborated with YOO Studio Design on the project.
“With Echo Brickell, our aim was to emulate the luxury product that really only existed on the beach,” Property Markets Group principal Ryan Shear said. “The fact that our sales are blending north of $1,000 per foot is a testament that the market for luxury in this location is viable and strengthening.” — Eric Kalis