Ytech Nabs $565M From JP Morgan to Build Miami Condo Tower
The project will include 195 units, of which 60% have already been presold
By Julia Echikson November 3, 2025 10:58 am
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Yet another massive construction loan in Miami’s Brickell neighborhood has closed, with residential developer Ytech landing $565 million to build a luxury condo tower.
J.P. Morgan, acting as the senior lender, and Sculptor Real Estate, as the junior lender, provided the debt for the 70-story Residences at 1428 Brickell development, Ytech announced.
Located at 1428 Brickell Avenue, the project will include 195 condos, of which 60 percent have already been presold. Melissa Rose and Brian Gaswirth of JLL represented the borrower.
Construction has been underway since last year, when Ytech, which is led by founder and CEO Yamal Yidios, secured $78 million in financing. The Miami-based developer purchased the 1-acre site for $26.5 million in 2017, according to property records.
Even as condo sales in South Florida have slowed over the past year, developers are still managing to land sizable construction loans for luxury products thanks to strong presales.
The loan comes just a month after Newgard Group and Two Roads Development secured a $513 million construction package for a two-tower condo complex, including a Standard Hotel-branded high-rise, across the neighborhood, along the Miami River.
Just west of the Residences at 1428 Brickell, Mast Capital is building the Cipriani-branded luxury condo high-rise after obtaining a $600 million package last year.
A spokesperson for J.P. Morgan declined to comment, while representatives for Sculptor Real Estate did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
