Related Group and Integra Score $527M to Build Miami’s St. Regis Condo Complex
By Julia Echikson September 5, 2024 10:47 am
reprints
Jorge M. Pérez’s Related Group and Integra Investments scored $527 million to build the St. Regis-branded condo tower in Miami’s Brickell neighborhood, marking it the latest luxury South Florida project to nab financing despite a slowdown in the debt market.
The construction loan from Tyko Capital will cover a 50-story development housing 152 units at 1809 Brickell Avenue, facing Biscayne Bay. The project, designed by Robert A.M. Stern Architects, will feature more than 50,000 square feet of indoor and outdoor amenities.
So far, over 60 percent of units are under contract, according to a representative for Related. The projected sellout is estimated at $1 billion.
Originally launched as a two-tower project, the developers downsized the project to accommodate buyers who wanted larger units in smaller complexes.
The St. Regis Residences, Miami is the latest luxury condo project in Miami to secure financing, despite high interest rates, thanks in part to strong pre-sales. Earlier this year, Mast Capital and PMG each secured loans worth over $600 million, setting records.
Across Brickell, facing the Miami River, Related also raised $328 million from Bank OZK to build Baccarat Residences earlier this year. Since December, the Arkansas-based bank has originated more than $1 billion in construction loans.
Tyko Capital, founded this year by Adi Chugh, has also made a splash in Miami. In July, the Elliott Management-backed private lender provided $565 million to refinance 830 Brickell, Miami’s trophy office tower that’s nearing completion.
Julia Echikson can be reached at jechikson@commercialobserver.com.
