Ytech Scores Financing for 1428 Brickell, Miami Chateau

Developer Yamal Yidios’ Ytech secured $104 million in financing for the planned 1428 Brickell condo tower and adjacent historic properties.

The new debt includes a $78 million refinancing from Linkvest Capital of the original $20 million acquisition loan for the property at 1428 Brickell Avenue.

It also includes $26 million in first mortgages from Banesco for Ytech’s properties at 1500 and 1548 Brickell Avenue, according to a press release. Those properties are home to Major Food Group’s Chateau ZZ’s and the Nolan House, the latter of which serves as the sales center for 1428 Brickell.

The developer presold more than 40 percent of the 189 units in the planned 70-story condo tower. Sales launched last year with Cervera Real Estate. Asking prices range from $2 million to $7 million, with units ranging from 1,800 square feet to 4,000 square feet, excluding penthouses. The lower penthouses start at $8 million, ranging from 4,000 square feet to 10,000 square feet. The top penthouse is asking $60 million.

Demolition of the site is underway, according to the release. The building could be completed in 2027.

The skyscraper’s amenities are expected to be partially powered by solar energy. The 80,000-plus square feet of amenities will include a 10,000-square-foot gym, a rooftop pool, wine and fine art lounge, aquatic therapy, a children’s recreation center, pet facility and more.

A number of new luxury condo projects are planned in Brickell. This month, Michael Stern’s JDS Development Group launched sales of a Mercedes-Benz-branded tower that will have nearly 800 condos. Construction is expected to be completed in 2027. JDS is working with Dolce & Gabbana on another Brickell condo project with 259 units.

In February, Mast Capital secured roughly $600 million in construction financing for its planned Cipriani Residences condo tower, an 80-story, 397-unit luxury high-rise planned for 1420 South Miami Avenue in the Brickell Financial District.

Billionaire hedge fund manager Ken Griffin finally unveiled plans for a $1 billion headquarters tower for his Citadel and Citadel Securities, planned for the 2.5-acre bayfront lot at 1201 Brickell Bay Drive. It will include a high-end hotel.