Fortune Lands Record $817M From Tyko Capital to Build Miami Faena Condo Towers
Both skyscrapers will rise 68 stories, housing 217 units each, facing the Miami River
By Julia Echikson October 28, 2026 5:40 pm
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Adi Chugh’s Tyko Capital doled out Florida’s largest-ever construction loan: $817 million for the Faena-branded, waterfront condo development in Miami, the project’s sponsors announced Wednesday.
Fortune International Group and Kar Properties are developing the two-tower project at 24 Southwest Fourth Street, facing the Miami River, across from Brickell City Centre. Both skyscrapers will rise 68 stories, housing 217 units each.
Construction is expected to be completed in 2030. The 1.8-acre, Rafael Viñoly Architects-designed project has generated more than $500 million in sales to date, including the $30 million purchase of a penthouse, according to the sponsors.
The debt transaction “demonstrates the depth of confidence in the project and the continued global appetite for best-in-class real estate in Miami,” Edgardo Defortuna, president and CEO of Fortune International Group, said in a statement.
Despite interest rate hikes, lenders are still funneling mammoth construction loans for luxury condo projects in South Florida, typically after strong presales. Earlier this week, Fortune International Group, alongside Château Group, secured a $463 million loan to finish one condo tower at the St. Regis Residences condo development in Sunny Isles Beach.
In 2022, Defortuna bought the Downtown Miami site for $58.8 million, partnering with KAR Properties, which had owned it since 2013, according to property records. In 2015, New York-based KAR Properties had launched sales for a luxury condo project, but construction never started. The land, which is surrounded by three condo buildings inside a gated community, stayed vacant.
In 2023, Bank OZK supplied a $38 million loan for marketing costs and site work for the Faena Residences, which marks the first condo development for the hotel brand, founded by Alan Faena and billionaire Len Blavatnik in 2000. It operates an oceanfront hotel and nearby cultural event spaces in Miami Beach as well as hotels in New York and Buenos Aires.
The financing surpasses Stephen Ross’s $772 million construction loan for two Class A office buildings in West Palm Beach, which previously held the record for Florida’s largest construction loan.
Walker & Dunlop’s Michael Stepniewski, Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Sean Bastian arranged the financing for the Faena Residences.
Tyko Capital, which is backed by Elliott Management, has emerged as one of South Florida’s most prominent lenders, issuing big loans to high-profile projects, such as the Bentley-branded condo in Sunny Isles Beach and the convention center hotel in Miami Beach.
Julia Echikson can be reached at jechikson@commercialobserver.com.
