Related Group JV Secures $240M for Miami Condo Tower
More than 80 percent of the 56-story project’s residences are under contract.
Casa Bella Residences will total 319 units. Image courtesy of Related Group
Related Group, in partnership with Alta Developers, has secured $240 million in construction financing for Casa Bella Residences by B&B Italia, a condominium project currently underway in Miami’s Arts and Cultural District. Cain International originated the loan. Newmark arranged the transaction.
Casa Bella Residences by B&B Italia broke ground earlier this month and will include 319 luxury units, with completion scheduled for 2026. Located at 1400 Biscayne Blvd., the 56-story condominium tower will feature one- to four-bedroom units equipped with kitchens, paneled dishwasher, master bathrooms and powder rooms.
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The condominium development already has more than 80 percent of its residences under contract, with Fortune International Realty as exclusive sales and marketing agent. Earlier this year, the project set a price record of $12.6 million, or $2,138 per square foot, for a 5,893-square-foot triplex penthouse, representing one of the neighborhood’s most expensive condominium deals on a price-per-square-foot basis.
The project includes the Casa Bella Penthouse Collection, composed of 10 homes with seven distinct floorplans, equipped with private rooftop terraces, spa pools, indoor and outdoor summer kitchens and panoramic water views. The collection will be located on the tower’s 54th floor, which will also include a pair of duplex penthouses spanning 4,100 square feet and 4,560 square feet.
A sought-after luxury condo project
Common-area amenities, spread across two full floors, will include a private theater, coworking spaces, a wellness center, spa facilities with on-demand services and a wine room. Casa Bella Residences by B&B Italia will also feature an outdoor amenity package, which will include a pool deck, a swimming pool, private cabanas, lounge areas, a poolside bar café and a rooftop swimming pool and terrace on the tower’s 56th floor.
Newmark’s Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly, together with Executive Managing Director Nick Scribani, and Analyst Holden Witkoff arranged the financing.
Related Group has another luxury condo project underway in the area. In May, the company broke ground on Casamar Residences, a 21-story building in Pompano Beach, Fla. Designed by Arquitectonica and The Rockwell Group, the 119-unit condo development is scheduled for delivery in 2025.
