Miami Luxury Condo Project Lands $236M Financing
The 64-story luxury condominium project scheduled to be completed in 2019, will offer 549 units, 60 percent of them being already sold.
Ugo Colombo’s CMC Group landed a $236 million construction loan for Brickell Flatiron, the firm’s newest luxury condominium project in downtown Miami’s Brickell Financial District. According to public records, the loan was from Bank of the Ozarks and RFR Realty. The developer was represented by Jim Shindell, co-chair of the real estate group at Bilzin Sumberg.
Brickell Flatiron’s construction is currently underway and scheduled to be completed in 2019. The design of the building is watermarked by Miami architect Luis Revuelta. The 64-story tower will offer 549 units, approximately 60 percent of them already sold and under hard contract, with total sales volume in excess of $300 million. Unit prices range between $500,000 to $2.5 million and up to $15.5 million for penthouses.
Located at 1001 S. Miami Ave., the asset will be one of the tallest residential towers in the U.S., hovering 736 feet above street level. The luxury asset will offer units ranging from single- to 5-bedroom condos and a limited collection of penthouse and duplex residences, measuring up to 6,246 square feet.
Massimo Iosa Ghini worked on interior architecture. All units will feature Italian-made custom cabinets, stainless steel appliances, Italian marble floors, high ceilings with recessed lighting, custom Italian doors, energy-efficient windows, and glass balcony railings.
Amenities will include a rooftop Sky Spa, Sky Pool and Sky Gym, which will offer residents 360-degree panoramic views of Biscayne Bay and downtown Miami’s glimmering cityscape, therapeutic services, private steam, sauna, locker facilities, a 6,300-square-foot state-of-the-art fitness center with Pilates, yoga and aerobics studios, a resort-style lap pool and children’s pool on the 18th floor. The community will also offer an executive meeting room, a billiard and cigar room, wine cellar, 24-hour concierge, valet parking, as well as high-speed Wi-Fi in all the common areas.
Italian-born developer Ugo Colombo began his activity in Miami in the early 1990s with Bristol Tower, the condo that launched Miami’s first major condo boom, followed by the development of Santa Maria in 1998, a 54-story luxury tower.
Recently, two other major construction loans closed in downtown Miami—the $225 million loan for the Zaha Hadid-designed One Thousand Museum tower, and the $285 million loan for Paramount Miami Worldcenter. The three loans total approximately $750 million invested in the Miami market.
“CMC Group’s construction financing for Brickell Flatiron is a reflection of rising demand for well-located properties in Miami’s urban core, and Ugo Colombo’s long track record of building the most sought-after condos in Miami–dating back to Bristol Tower, Santa Maria, Grovenor House and Epic Residences. Now more than ever before, today’s lenders are putting added emphasis on properties benefitting from a well-capitalized sponsor, and CMC Group has proven its ability to deliver many of Miami’s most valuable, landmark towers over the past 25 years,” said Shindell in prepared remarks.
Images courtesy of Brickell Flatiron