Fortune, KAR Land $817M for Miami Condo Project
The deal marks Florida’s largest-ever condominium construction loan.
Fortune International Group and KAR Properties have obtained an $817 million construction loan for Faena Residences Miami, a 406-unit, waterfront condominium project along the Miami River.
TYKO Capital provided the financing, marking the largest condominium construction loan ever recorded in Florida, according to the developers. Walker & Dunlop arranged the deal.
Once completed, Faena Residences Miami will include two towers rising 68 stories each. All renderings by Binyan Studios, courtesy of Fortune International Group and KAR Properties 
The high-rises will connect through a three-level sky bridge structure with multiple shared amenities. 
The sky bridge will include an infinity-edge swimming pool with views of the city’s skyline. 
At podium level, the property will have a spa center and multiple fitness and yoga studios.
The project will anchor a 14-acre mixed-use riverfront district and marks the Faena brand’s first standalone residential development, as well as its first expansion onto the Miami mainland. Founded in Buenos Aires, Argentina, in 2000, Faena is a luxury brand specializing in high-end hospitality and residential real estate.
The development team also includes Rafael Viñoly Architects as architect of record. Faena Design Studio and Bryan O’Sullivan Studio are handling interior design, while Sasaki is responsible for landscape architecture.
Faena Residences Miami is expected to reach completion in early 2030.
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To date, the project recorded more than $500 million in sales, reflecting ongoing strong demand across the Miami luxury condo market. Recently, the developers closed on a $30 million sale of a duplex sky home within the East Tower, marking the largest residential sale recorded along the Miami River.
Plans call for two 68-story high-rises dubbed the East and South Towers. The project will rise at 24 SW Fourth St., near light rail stations and the downtown Miami ferry terminal. The site is also across from Brickell City Centre, a mixed-use district, while Miami International Airport is 7 miles away.
The gated property will feature nearly 300 feet of river frontage. Residences will offer one- to four-bedroom floor plans ranging from 711 to 6,652 square feet. Both towers will feature matching layouts and unit sizes, with residences available in several collections, including river lofts, sky villas, sky lofts and lower and upper penthouses.
Hospitality-inspired amenities from riverfront to sky bridge level
Common-area amenities will be distributed across three levels: ground, podium and skybridge. Ground-level amenities will include a lobby with commissioned murals, a café with indoor and outdoor seating, landscaped gardens and a riverfront park and promenade. The development will also feature a private yacht arrival area with marine concierge services.
The 45,000-square-foot sky bridge will connect the two towers across levels 61, 62 and 64, rising approximately 700 feet above ground. Amenities will include cultural and social clubs, lounges, coworking and meeting rooms, dining areas and an infinity-edge swimming pool with a bar and private cabanas.
The podium level will house the Tierra Santa Healing House, a spa featuring a steam room, sauna and cold plunge. Other amenities will include fitness, Pilates and yoga studios, swimming pools, outdoor terraces, a padel court, a children’s play area and a pet spa.
Walker & Dunlop’s team of Senior Managing Directors Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz and Dustin Stolly, together with Senior Directors Michael Stepniewski and Sean Bastian arranged the transaction.
Lenders stay active in Miami
The Miami metro area’s condo sector has seen a notable lending momentum in 2026, with several large loans closing in recent months. This week, Fortune International Group and Château Group landed $463 million from Madison Realty for a project in Sunny Isles Beach, Fla. The note will replace existing debt and will fund the completion of St. Regis Residences, a 320-unit, two-tower development.
Earlier in October, a joint venture led by Terra Group secured a $507 million construction loan for a luxury waterfront condominium project in Miami Beach, Fla. TYKO Capital also provided the financing for that development.
