(Bloomberg) -- South Florida developers Related Group and Integra Investments landed a $527 million loan to build luxury condos in Miami.
Tyko Capital, which is backed by Elliott Investment Management, is providing the construction loan for the 50-story St. Regis Residences, located in Miami’s South Brickell neighborhood, according to a statement. The tower will have 152 condos ranging from two to six bedrooms.
“This achievement underscores investors’ trust in Miami’s thriving residential market and, notably, in the distinguished St. Regis brand,” Nick Perez, president of Related Group’s condominium division, said in the statement. More than 60% of the tower’s units are under contract.
Plans for the project, at 1809 Brickell Ave., call for amenities such as a fitness center, pickleball court, private marina and indoor lap pool, according to the statement. Robert A.M. Stern Architects is designing the tower.
Tyko Capital has been an active lender recently, teaming up with JPMorgan Chase & Co. on a $1.2 billion financing for a pair of condo towers along Manhattan’s High Line park. The New York-based firm also provided a $565 million loan to a new office tower in Miami’s Brickell neighborhood.
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