Ytech Lands $20M Pre-Dev Loan for Luxe Condo in Miami’s Brickell

Ytech is adding another luxury condo development to the pipeline in Miami’s Brickell neighborhood, having secured a $19.5 million pre-development loan.

The debt from Israel Discount Bank covers two lots that total 0.3 acres at 41 and 75 Southwest 15th Road, two blocks west of Brickell Avenue, just south of Mast Capital‘s Cipriani-branded luxury condo complex.

Demolitions for the existing single-story multifamily building and two-story office building on the sites are already underway, according to a representative for Ytech. The properties, dubbed 41 and 75 Broadway, date back to the late 1940s and 1950s.

The Miami-based developer assembled the lots between 2018 and 2020, paying $8.2 million in total, according to property records. The Brickell neighborhood is directly south of Downtown Miami.

While a representative for Ytech, led by Yamal Yidios, declined to provide additional comment about the development plans for the luxury condo, the company remains hard at work in the area. 

Last month, Ytech’s 195-unit The Residences at 1428 Brickell luxury condo development broke ground. In March, the developer secured $78 million to refinance the original $20 million acquisition loan for the 1.1-acre property at 1428 Brickell Avenue, where the 70-story, solar-powered tower will rise. 

Ytech also owns a nearby historic mansion, also along Brickell Avenue, which is now home to Major Food Group’s Chateau ZZ’s Mexican restaurant.

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