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Ricardo Dunin, Peruvian partner score $70M loan for Domus Brickell

Planned 12-story, 172-unit short-term rental friendly condo project is more than 50% presold

Ricardo Dunin, Edifica Score $70M Loan for Brickell Condos

From left: North Development’s Ricardo Dunin and Edifica’s Juan Carlos Tassara along with a rendering of Domus Brickell Park (North Development)

Developers Ricardo Dunin and Juan Carlos Tassara secured a $70 million construction loan for Domus Brickell Park, a short-term rental friendly condo development in the works. 

Forman Capital and Core Capital provided the financing to North Development, a joint venture between Dunin’s Oak Capital and Tassara’s Edifica, for the planned 12-story, 172-unit Brickell-area building at 1611 Southwest Second Avenue, according to a press release. North Development is led by President Eduardo Vargas. 

A rendering of Domus Brickell Park (North Development)
A rendering of Domus Brickell Park (North Development)

Lima, Peru-based Core Capital is a partner of Edifica, Dunin said. Tassara is also a director at Core, according to its website. 

Forman provided a $54.6 million in construction financing, while Core provided the rest as mezzanine financing. A team led by Forman’s Ben Jacobson and Scott Mehlman represented the lender in arranging the construction loan.

More than 50 percent of the units at Domus Brickell Park are presold. Cervera Real Estate is leading sales of the project. Unit prices range from the $600,000s to $1.2 million, according to the release. The condos will be a mix of studios, one-bedroom and two-bedroom units. 

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Dunin said the building will not be structured like a traditional condo-hotel. Domus Brickell Park marks the first Domus FLATS building, a concept the developers created, which stands for flexible apartments for temporary stays.

Arturo Vidal, Jorge Ruiz, Juan Carlos Tassara, Ricardo Dunin, and Eduardo Vargas (North Development)
Arturo Vidal, Jorge Ruiz, Juan Carlos Tassara, Ricardo Dunin, and Eduardo Vargas (North Development)

The building is expected to be completed late next year, according to the release. A groundbreaking ceremony was held on Thursday. Zyscovich Architects is the architect, and Urban Robot Associates is the interior design firm. Amenities will include the Peacock Room, which Dunin previously described as an activated lobby with food and beverage concepts, a market, and co-working spaces for guests and the public that were inspired by the ACE hotel in New York. 

The Brickell site is a block away from Simpson Park, just west of Brickell Avenue. North at Brickell II LLC, led by Dunin, paid about $8.9 million for the 0.6-acre assemblage in 2022.

A number of short-term rental friendly projects are planned in downtown Miami. But Dunin said the typical metrics the hotel industry follows — revenue per available room, occupancy and average daily rate — are much stronger in the Brickell market. 

“It moves the needle if you are an investor,” he said. 

The developers also plan a second FLATS project in Brickell. Sales of that development, planned for 221 and 229 Southwest 11th Street, could launch in a month and a half, Dunin said.

Tags
BrickellCondo MarketCondosConstruction LoansMiamiMiami-Dade CountyRicardo DuninShort Term Rentals