US $400 million has been raised by Related Group for the construction of Residences at Six Fisher Island, a new ultra-luxury condominium complex in Miami. Located at 6 Fisher Island Drive, the property will feature 50 units in a 10-story structure. The construction loan, provided by Madison Realty Capital, is the second largest mortgage in South Florida to close this year. The loan was arranged by Berkadia South Florda. The financing adds to more than $2 billion in condo construction loans that have closed over the past year in South Florida. Construction of the property in one of the country’s wealthiest areas off Miami Beach, will begin this summer and is expected to be completed by 2026.
Sales at Related Group at Six Fisher Island residences
Units at the Residences at Six Fisher Island average at US $30 million with penthouses starting at US $60 million two years ago when sales begun. The average space per unit is over 4,800 square-feet. Sales and marketing of the property is headed by Douglas Elliman. So far, over US $500 million in presales has been earned since sales begun in 2022. Remaining units are being sold for over US $4,000 per square foot. Furthermore, two penthouses are in contract to separate buyers for $150 million.
A partnership consisting of Miami-based Related, Israeli-billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago-based Wanxiang America came together to put up the 10-story, 50-unit building that’s under construction. Currently, the market in the United States is experiencing a reduction in loans due to high interest rates. The South Florida luxury condo market, however, seems to still be booming largely due to strong pre-sales.
“Fisher Island is one of the most exclusive communities in the country creating strong demand for new residences, yet offers limited new development. The Residences will deliver the first newly built property on the island since 2019,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement.
Related Group’s Baccarat Residences
In March this year, Related Group scored yet another large construction loan, US $328 million, for the construction of Baccarat Residences. Located in Brickell, Miami, the project calls for a 75-story luxury condo tower with 355 units. By the time financing was secured from Bank OZK, over 95% of the units were presold with sales launching in 2021.
“Brickell is an exceptional neighborhood that only continues to get stronger and more attractive. With the entrance of marquee companies, like Citadel; and continued expansion of the area’s retail and cultural offerings and, of course, best-in-class residential product, Brickell continues to exhibit immense potential,” said Robert Vahradian, Partner and Head of US investments for GTIS Partners.
Completion Date
The tower is expected to be completed in 2028. It was designed by Arquitectonica and will include over 75,000 square feet of amenities on five floors. This includes a La Mer Spa, social spaces, a state-of-the-art health and fitness center, a private marina with residents’ yacht and more. SH Hotel and Resorts have been selected to manage the property. What’s more, the project is the sister property to the record-breaking Baccarat Hotels & Residences NYC.
Also Read: $600M Loan Sets Pace for Construction of Florida’s Cipriani Residences in Miami
