OKO Group, Cain International Secure $128M Loan for Miami Luxury Condo Tower
By Celia Young April 20, 2021 5:52 pm
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Bank OZK has funded a $128.3 million construction loan for OKO Group and Cain International’s Una Residences, a 47-story luxury condo tower in Miami.
The 135-unit waterfront condo project, located at 174 SE 25th Road in Downtown Miami’s South Brickell neighborhood, broke ground in May 2020 and is slated for completion in 2023. Condos are priced from $2 million to $7.4 million, with two penthouses listed at a price tag of up to $21.6 million.
The loan comes after $76 million in condo sales at the property since the start of the year, according to information from the developers. The sales all involved domestic buyers.
Bank OZK is the sole senior secured lender in the project. A Walker & Dunlop team composed of Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Michael Diaz and Sean Bastian represented OKO and Cain in the transaction.
The property was designed by Adrian Smith + Gordon Gill Architecture, known for designing some of the tallest towers in China, Dubai and Chicago, as well as the Jeddah Tower in Saudi Arabia, which is expected to be the world’s tallest building once it is completed.
“Una’s subtly undulating surface and strong silhouette stands proud at the water’s edge,” said Adrian Smith, a design partner at Adrian Smith + Gordon Gill. “We drew inspiration from the elegant shape and opulent materials used in classic yacht design — particularly the beautifully lacquered wood, exposed materials, and stainless-steel connections found on the Italian-made yacht, the Riva.”
Amenities include three swimming pools, a movie theater, spa and steam room, fitness center and children’s play room. Residents will receive membership access to the Grand Bay Club on Miami’s Key Biscayne.
“Adhering to our philosophy that form follows performance, we saw the unique opportunity with Una to give the building a little bit of attitude in its design,” said Gordon Gill, a co-design partner at Adrian Smith + Gordon Gill. “It stands contrapposto, where one side of the building is holding its full weight and the other side is relaxed, looking at you.”
OKO and Cain have two other developments in construction nearby: a 57-story luxury condominium in the city’s Edgewater neighborhood, and a Class A-plus office tower in Downtown Miami’s Financial District.
