Ytech Lands $104M for Brickell Properties
By Julia Echikson March 12, 2024 1:05 pm
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Ytech has secured $104 million in financing for properties in Miami’s Brickell district, including the site of a planned 70-story condo project and Chateau ZZ’s, the Miami-based developer announced.
Linkvest Capital provided $78 million to refinance the 1.1-acre site at 1428 Brickell Avenue, where the 189-unit development will rise. The debt replaces the original $21 million loan for the parcel acquisition in 2017.
Ytech purchased the site, located just south of Southwest 14th Street, for $26.5 million, according to property records. It currently holds a 10-story office building, which will be demolished.
Construction for the condo development, called The Residences at 1428 Brickell, is slated to start by the end of this year and be completed in 2027. The project has reached 40 percent in presales with asking prices ranging between $2 million and $7 million, with Cervera Real Estate in charge of sales, according to the developer.
The remaining $26 million in financing comes from Banesco and covers historic mansions down the road.
The larger, 9,172-square-foot house, at 1548 Brickell Avenue, houses the sales gallery for The Residences at 1428 Brickell. Ytech had bought the two-story home, built in 1925, for $6 million in 2021, per records.
Major Food Group occupies the 6,297-square-foot house at 1500 Brickell Avenue, where it operates the upscale Chateau ZZ’s Mexican restaurant, which opened last year. Ytech acquired the two-story property, constructed in 1928, for $6.3 million in 2018.
Julia Echikson can be reached at jechikson@commercialobserver.com.
