Tyko Capital Provides $285M for Major Food Group Condo Dev in Miami
By Julia Echikson December 26, 2024 4:15 pm
reprints
Tyko Capital strikes again.
The Elliott Management-backed lender provided a $285 million construction loan for Terra and One Thousand Group’s Major Food Group-branded condo project in Miami, the development team announced.
Called Villa, the 56-story project will house 70 units at 710 NE 29th Street in the Edgewater neighborhood, facing Biscayne Bay. Major Food Group, the hospitality company behind celebrity hot spot Carbone, will operate Copper Club, the residents-only amenity suite that will include food and beverage offerings, a gym and a spa, as well as a public restaurant on the ground floor.
The ODP Architects-designed project will mark Major Food Group’s first venture into real estate development. The hospitality group has expanded quickly across South Florida, launching 10 restaurants since the pandemic. This month, it opened Carbone Vino in Coconut Grove, which Commercial Observer first reported.
Villa’s construction got underway this month and is slated for completion in 2027. Walker & Dunlop’s Keith Kurland and Jordan Casella brokered the financing.
Even after interest rates had been raised the past couple years, luxury condo projects in South Florida have managed to secure financing, in part thanks to strong pre-sales. About half of Villa’s residences are under contract, according to the development team. Prices start at $5 million.
Since launching this year with Adi Chugh at the helm, Tyko Capital has emerged as one of the most important lenders in South Florida, supplying mammoth loans for high-profile projects.
Last month, it provided a $424 million construction loan for Related Group’s oceanfront condo project in Bal Harbour, and in September it issued a $527 million construction loan for the St. Regis-branded condo tower in Brickell, another development led by Related Group.
This summer, 830 Brickell, Miami’s trophy office tower, was refinanced with $565 million from Tyko Capital.
Terra and One Thousand Group are also prominent developers in Miami, having completed luxury projects designed by world famous architects such as Rem Koolhaas, Bjarke Ingels, and the late Zaha Hadid.
Julia Echikson can be reached at jechikson@commercialobserver.com.
