JV Secures $400M Construction Loan for Florida Project

Berkadia arranged the financing for the property, which is situated on Fisher Island’s last developable parcel.

Apartment building with a pool on the waterfront

The Residences at Six Fisher Island. Image courtesy of Berkadia

The Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group have secured a $400 million construction loan from Madison Realty Capital.

The debt will back the construction of Residences at Six Fisher Island, which is situated on the northeastern shoreline of Miami’s Fisher Island. The loan replaces an $85 million acquisition loan Madison Realty Capital originated in 2022 that was arranged by Berkadia South Florida.

Residences at Six Fisher Island will be an ultra-luxury condominium development featuring 50 private residences across its 10 stories. Scheduled to commence construction this summer, The Residences is slated for a 2026 completion and has already generated more than $500 million in sales since its late 2022 launch.

Luxury residences

Six Fisher Island includes designs from Tara Bernerd and Partners and Kobi Karp Architects. Its luxury residences will average 4,817 square feet in size. Features and finishes of residences include private elevator foyers, Sub-Zero and Wolf appliances, natural stone flooring and walls, custom fixtures and top-of-the-line appliances.

The five-star package of common-area amenities will be topped by two separate pool decks featuring swimming pools, sunbeds, private cabanas and full-service bars.

Long South Florida’s most upscale enclave, Fisher Island offers residences exclusive access to a private beach, golf course, members-only restaurant and racquet club equipped with multi-surfaced tennis and pickleball courts.

The loan was arranged by Berkadia South Florida’s Managing Director Scott Wadler, Vice President Michael Basinski and Senior Associate Patrick Johnson, as well as Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matthew Robbins.

Two of the property’s penthouses sold earlier in 2024 for a combined total of $150 million. Remaining residences’ target prices are more than $4,000 per square foot.

Douglas Elliman is the exclusive sales partner for Residences at Six Fisher Island. Earlier this month, Miami developer Diego Ojeda forecasted that the city’s short-term rental market will continue to grow.

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