Brickell Heights condo towers land $160M construction loan

Wells Fargo granted mortgage to LLCs affiliated with Rockpoint Group

TRD MIAMI /
Apr.April 06, 2015 04:45 PM

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.


Related Articles

arrow_forward_ios
Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

(Credit: Getty Images)

All eyes on cranes during Hurricane Dorian

Daily Digest Miami

Ben Carson dismisses concerns about Opportunity Zones, private equity landlord pays $10M for Palm Beach Gardens properties: Daily digest

arrow_forward_ios