Brickell Heights condo towers land $160M construction loan

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
Cain International's Jonathan Goldstein, OKO Group's Vlad Doronin and the Brickell condo renderings. (Getty, OKO Group & Cain International)
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
JDS Development's Michael Stern with a rendering of the One Southside project (JDS Development)
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Rendering of Baccarat Miami (Credit: ArX Solutions)
Miami condo craze returns as developers look to seize the moment
Miami condo craze returns as developers look to seize the moment
Renderings of 1301 South Ocean Drive with Jorge Pérez and Jon Paul Pérez (Photos via Related/Arquitectonica)
Related wins approval to develop high-rise condo project in Hollywood
Related wins approval to develop high-rise condo project in Hollywood
Jorge and Jon Paul Perez with a rendering of the project (Getty, Related Group)
Related wins approval for another Wynwood mixed-use multifamily project
Related wins approval for another Wynwood mixed-use multifamily project
Jorge Perez and Jon Paul Perez and a rendering of the project (Getty, Quantum Space Studio)
Related scores $95M loan for two-tower luxury rental project in West Palm
Related scores $95M loan for two-tower luxury rental project in West Palm
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
arrow_forward_ios

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

Loading...