Chicago Developers Land $250M to Build Miami Apartment Tower

Two Chicago development firms, Focus and Group Fox, have secured $250 million to build Brickell Starlight, a luxury multifamily development in Miami’s coveted financial district, Commercial Observer can first report.

The financing from San Antonio-based Affinius Capital will fund the construction of the 39-story development, which is set to include 517 apartments at 125 Southwest Seventh Street, just west of the Brickell City Center mixed-use complex and the Metromover rail line. Construction is expected to start before the year ends. 

“Brickell continues to solidify its reputation as a global epicenter for finance, culture and lifestyle, attracting affluent professionals and international residents seeking premium housing,” Tim Anderson, Focus’ CEO and founder, said in a statement. “Despite surging demand, new multifamily supply in Brickell, the most prominent submarket in Miami, remains extraordinarily limited, creating a significant opportunity for new development.”

Cushman & Wakefield’s Chris Lentz, Jeff Altenau, Chris Moyer, Susan Tjarksen and Marc Royer represented the sponsors.

The asset itself will feature more than 500 studio to three-bedroom market-rate apartments, of which 5 percent will be reserved for workforce housing. On-site amenities will include two outdoor swimming pools, a pair of amenity decks with individual cabanas, a fitness center, a sauna, co-working spaces, a dog run and a dog spa.

Focus purchased the one-acre site for $28 million in 2022, according to property records. Earlier this year, the joint venture was looking for a limited partner to take a 90 percent stake in the project for $105 million and $190 million in construction debt.

Eric Cohen, Affinius Capital co-head of debt originations, noted in a statement that unlike other areas of southeast Florida, the submarket of Brickell has not delivered the small amount of Class-A apartment supply, even as major employers have relocated to the market, positioning it for strong performance.

“The property’s transit-oriented location, immediate access to Brickell City Centre, and institutional-grade amenity package position it to capture significant market share upon delivery,” added Cohen.

Brickell has welcomed a slew of new companies and workers this year, thanks to the completion of 830 Brickell, Miami’s first standalone office tower in over a decade. The tenants of the 57-story tower include tech giant Microsoft, Santander Bank and law firm Sidley & Austin. 

Billionaire Ken Griffin is also developing a high-rise for the global headquarters of his two companies, hedge fund Citadel and market maker Citadel Securities. 

Other luxury rental projects in Brickell are underway, too. Around the corner from Brickell Starlight, PMG nabbed a $413 million loan in April to build a condo and multifamily development.

Also, along the Miami River, Joseph Chetrit is nearing completion of a 54-story, 632-unit luxury apartment tower. Over the summer, a group led by former WeWork CEO Adam Neumann purchased a majority in the mixed-use project, which is set to include a few more phases.

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