$124M mortgage given to Echo Brickell developer

Property Markets Group plans to start construction of condo tower by month's end

TRD MIAMI /
Oct.October 22, 2014 11:15 AM

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


Related Articles

arrow_forward_ios
Civic Construction CEO Williams Real, Vlad Doronin and an aerial view of the Brickell project's foundation (Getty, Linkedin, Golden Dusk Photography)

Construction accident at OKO Group’s Brickell tower site in Miami lands six workers in the hospital

Construction accident at OKO Group’s Brickell tower site in Miami lands six workers in the hospital
(iStock)

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2
Jay Parker and Mike Sales, with 801 Brickell Avenue (Credit: Google Maps)

TIAA sues Douglas Elliman over allegedly unpaid rent at Brickell high-rise

TIAA sues Douglas Elliman over allegedly unpaid rent at Brickell high-rise
320 85th Street in Miami Beach (Credit: Google Maps)

Lawsuit alleges Brickell brokerage violated Fair Housing Act

Lawsuit alleges Brickell brokerage violated Fair Housing Act
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...