JV Secures $400M Construction Loan for Ultra-Luxury Condo Development in Miami

Luxury real estate developers, The Related Group, along with partners Teddy Sagi, BH Group, and Wanxiang America RE Group, just landed a hefty $400 million loan from Madison Realty Capital. This funding is a big win for their latest project, the Residences at Six Fisher Island, a swanky condo development on the northeastern shores of Miami’s Fisher Island.

This loan replaces an $85 million loan they got back in 2022 and marks a major step forward for the project. The Residences at Six Fisher Island is all set to be the epitome of luxury living, offering 50 private residences spread out over 10 floors.

They’re gearing up to start construction this summer and plan to wrap up by 2026, following a super successful sales launch in late 2022 that raked in over $500 million.

Designed by the big shots at Tara Bernerd and Partners, and Kobi Karp Architects, these luxury pads will average a sprawling 4,817 square feet each. Picture private elevator entrances, top-of-the-line Sub-Zero and Wolf appliances, chic natural stone flooring and walls, plus custom fixtures and finishes to die for.

And let’s talk amenities – two pool decks with pools, sunbeds, private cabanas, and full-service bars. Plus, residents get exclusive access to Fisher Island’s private beach, golf course, a members-only restaurant, and a racquet club decked out with multi-surfaced tennis and pickleball courts.

Berkadia South Florida played matchmaker for the loan, with a dream team including Managing Director Scott Wadler, Vice President Michael Basinski, Senior Associate Patrick Johnson, along with Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matthew Robbins.

The project’s already proving its worth with two penthouses selling for a cool $150 million in 2024. And with the remaining residences priced at over $4,000 per square foot, it’s setting a new gold standard in luxury real estate.

Douglas Elliman’s on board as the exclusive sales partner for the Residences at Six Fisher Island. And on a related note, Miami developer Diego Ojeda’s calling it – he sees continued growth in the city’s short-term rental market, making Miami’s real estate scene hotter than ever.

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