Related and Alta Land $240M to Build Miami’s Casa Bella Residences
Cain International is the lender
By Julia Echikson November 17, 2023 11:06 am
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Related Group’s Casa Bella Residences by B&B Italia in Miami’s Arts & Entertainment District is finally getting off the ground, seven years after its first inception. The Miami-based developer, in partnership with Alta Developers, scored $240 million from Cain International to build the 56-story luxury condo tower, Commercial Observer has learned.
The development will feature 319 units at 1400 Biscayne Boulevard, just north of the Adrienne Arsht Center for the Performing Arts.
Related, Miami’s largest condo developer, acquired the 2.8-acre site for $57.7 million in 2014, according to property records, and launched sales two years later, in partnership with Alta. But it scrapped the project, then called Auberge Residences & Spa Miami, in 2017 as foreign buyers laid low, South Florida Business Journal reported.
Related, led by Jorge Pérez, relaunched the development last year when condo prices were skyrocketing, driven in large part by wealthy Northerners who were relocating to the Magic City. This time, it’s partnering with B&B Italia, a contemporary furniture design house, which is designing Casa Bella’s interiors.
Over 80 percent of the residences are under contract, including a 5,893-square-foot triplex penthouse, which is on pace to sell for $12.6 million, according to a Related spokesperson who declined to name the buyer.
The mortgage is one of South Florida’s largest construction loans as lending has slowed since the Federal Reserve began raising interest rates last year. Construction got underway earlier this month and is expected to be completed in 2026.
The Casa Bella loan also marks Cain International’s first foray into construction lending in Miami. While the London-based private equity firm has originated over $7.5 billion in loans globally since its founding in 2014, it’s best known in Miami as an equity partner to Vlad Doronin’s Oko Group. Together, the partners are developing Miami’s trophy office building, 830 Brickell, as well as the Missoni Baia and Una Residences condo developments.
Newmark’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Holden Witkoff arranged the debt.
Julia Echikson can be reached at jechikson@commercialobserver.com.
