Peruvian Developer Buys Majority of Brickell Condo for $28M

Grupo T&C paid $27.5 million for majority control of a condo building in Miami’s Brickell district, likely setting the stage for a new development. 

The property, called El Vedado, contains 36 condo units at 237 Southwest 13th Street, located between Interstate 95 and the Metrorail line. Completed in 1972, the four-story building sits on a site that spans about half an acre.

Habitat Group has sold 32 units to Grupo T&C. A few units remain under the control of individual owners, according to property records.

Habitat Group, a Miami-based developer with roots in Colombia, began purchasing the residences last year, paying a combined $19.5 million, according to property records. Vertix Group provided an $11 million loan to Grupo T&C, a Peruvian developer, which in recent years has set up shop in Miami. Aries Capital represented the borrower for the debt transaction.

With majority control of the building, Grupo T&C will likely be able to terminate the condo association, a crucial move for controlling the entire property. Representatives for Grupo T&C and Habitat Group did not immediately respond to requests for comment.

Two months ago, Grupo T&C broke ground on Edge House, a 55-story condo tower in Edgewater. It also owns a 36,000-square-foot site near Kushner’s Hamilton rental complex, also in Edgewater. 

Now the developer has set its sights on the western, less glamorous part of Brickell, which is now seeing a rush of construction. Last week, PMG obtained a $413 million construction loan for a luxury condo and rental complex. Michael Stern is building a Mercedes-Benz-branded complex nearby. 

Update: The story was updated to include Aries Capital’s involvement.

Julia Echikson can be reached at jechikson@commercialobserver.com.