Florida East Coast Realty’s $425M Panorama Tower refi is among city’s biggest

Tibor Hollo's firm financed construction of 85-story mixed-use tower with $340M loan

Miami /
Feb.February 01, 2019 05:30 PM

Jerry Hollo and Panorama Tower (Credit: Wikipedia)

UPDATED, Feb. 6, 4:17 p.m.: Florida East Coast Realty closed on a $425 million refinancing of Panorama Tower, one of the largest such loans in Miami in recent years.

Wells Fargo financed the new debt, which replaces the $340 million construction loan the bank provided on the 85-story tower in 2015. It was one of the largest construction loan in Miami-Dade at the time.

FECR, led by Tibor Hollo and his sons Jerry and Wayne Hollo, completed the 2.6 million-square-foot skyscraper last summer. Its TWJ 1101 LLC closed on the five-year, 42 percent loan-to-value loan on Thursday, a spokesperson said.

The law firm Rosenthal Rosenthal Rasco announced the refinancing. Founding partner Kerry Rosenthal represented the downtown Miami-based developer on both the construction loan and refinance.

The project, at 1100 Brickell Bay Drive, includes 821 luxury apartments with more than 45,000 square feet of residential amenities, a 208-room Hyatt Centric hotel, 106,000 square feet of office space, 75,000 square feet of retail space, a 2,000-space parking garage. The loan also covers two office buildings totaling about 301,000 square feet at 1101 Brickell Avenue.

It’s also one of the most expensive new rental buildings in Miami-Dade, with rents ranging from $3,044 a month for a one-bedroom to over $9,300 for a three-bedroom apartment. FECR hired Fortune Development Sales, one of Miami’s top condo sales and marketing firms, to handle leasing of the tower last year, and more than half its units are now leased out.

The Brickell tower is the tallest residential building south of New York on the East Coast. It is also part of a wave of new luxury apartment buildings in Miami-Dade and Fort Lauderdale that are creating competition for individual condo investors and putting pressure on the shadow rental market.

FECR is also planning at least two mixed-use projects in the Brickell area that would be taller than Panorama, including The Towers by Foster + Partners, a pair of connected high rises planned for 1201 Brickell Bay Drive. It’s partnering with Corigin Real Estate Group and McCourt Global Properties on that development.

An earlier version of this story misidentified the square footage and rents at Panorama.


Related Articles

arrow_forward_ios
From left: Pedro Villar, owner of Aloft Miami Brickell, along with his attorney Joe Pack (Newstar Media)
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
Eastdil Secured’s D. Michael Van Konynenburg and Roy March with The Brickell Bay tower at 1001 Brickell Bay Drive (Eastdil, 1001 Brickell Bay)
Eastdil Secured to open first Florida office in Miami’s Brickell
Eastdil Secured to open first Florida office in Miami’s Brickell
From left: Darko Dejanovic (seller), CEO of Solera Holdings; and Boris Brault (buyer), CEO of Lexon, BOW Group and MyKronz (Getty Images, Solera Holdings, Redfin, iStock)
Digital device mogul plugs into Brickell Key with $8M condo purchase
Digital device mogul plugs into Brickell Key with $8M condo purchase
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Rendering of the project with Robert A. M. Stern, Jorge Perez, Nick Perez and Nelson Stabile (1809 Brickell Venture, LLC, Binyan Studios, Getty, Integra)
Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell
Related, Integra plan two-tower St. Regis condo development in Miami’s Brickell
Condo sales, occupancy on the rise in Greater Downtown Miami, report shows
Condo sales, occupancy on the rise in Greater Downtown Miami, report shows
Condo sales, occupancy on the rise in Greater Downtown Miami, report shows
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Major Food Group partners with Michael Stern on its first branded condo tower in Miami
Camilo Miguel of Mast Capital with East, Miami and Kieran Bowers of Swire Properties with The Conrad (Getty, Facebook via EAST, Miami)
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M
Swire sells Brickell City Centre hotel for $174M, and nearby Conrad Miami trades for over $100M
arrow_forward_ios

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

Loading...