Fortune International Group and KAR Properties have officially secured an unprecedented $817 million construction loan from Tyko Capital for Faena Residences Miami. This high-profile transaction marks a major milestone for a planned two-tower luxury condominium development situated at 24 SW 4th Street in Downtown Miami. The colossal financing package represents the largest construction loan ever reported in the history of the state of Florida, eclipsing previous benchmarks and signaling sustained institutional confidence in South Florida’s high-end real estate market.
The massive capital infusion will directly support the development of a sprawling 1.8-acre waterfront property that overlooks the scenic Miami River, positioned strategically across from the bustling Brickell City Centre. Once completed, the ambitious architectural project will feature two striking 68-story residential towers housing a combined total of 434 ultra-luxury condominium units.
The intricate financing arrangement was successfully orchestrated and negotiated by the brokerage team at Walker & Dunlop, who represented the development partners in securing the debt. On the other side of the transaction, Tyko Capital—a prominent lending entity backed by Elliott Management and led by Adi Chugh—stepped forward to provide the capital, further cementing its robust footprint in the rapidly evolving South Florida property landscape.
A Historic Financing Milestone for Miami Real Estate Development
The newly finalized $817 million construction loan shatters the previous Florida financing record, which stood at $772 million. That prior benchmark was secured for a pair of high-end Class A office buildings located in West Palm Beach, a notable development spearheaded by Stephen Ross. By surpassing that figures, the Faena Residences Miami project establishes a new threshold for debt acquisition within the state, particularly within the residential sector.
This landmark transaction also follows hard on the heels of another substantial condominium financing deal involving Fortune International Group. Earlier in the same week, Fortune, alongside its partner Château Group, successfully obtained a $463 million loan dedicated to advancing a luxury residential tower at the St. Regis Residences situated in Sunny Isles Beach. Together, these high-dollar transactions underscore Fortune International Group’s commanding presence and operational capability in navigating complex, multi-million-dollar capital markets.
Faena Residences Advances Rapidly Toward Construction
From an architectural and design standpoint, Faena Residences Miami is poised to become a defining landmark on the city’s skyline. The project has been meticulously designed by the internationally acclaimed Rafael Viñoly Architects. The final blueprint calls for two distinct waterfront towers, each carrying 217 individual residences, offering prospective buyers expansive views, elite amenities, and sophisticated urban living spaces.
Market demand for the project has proven exceptionally strong. According to statements released by the project sponsors, Faena Residences has already recorded more than $500 million in preliminary condominium sales. This impressive pre-construction sales milestone includes the sale of a premier penthouse unit that commanded a staggering $30 million. Driven by this strong buyer momentum, active construction on the site is officially expected to kick off in November 2026, with project completion anticipated by the year 2030.
The journey toward vertical development has been a long one for this specific piece of real estate. KAR Properties originally acquired an interest in the site back in 2013, initially pursuing a luxury condominium concept that ultimately stalled and never advanced to the construction phase. The trajectory of the parcel shifted significantly when Fortune International Group joined forces with KAR Properties. In 2022, Edgardo Defortuna acquired a direct interest in the property via a transactions valued at $58.8 million, breathing new life into the stalled venture. Subsequently, in 2023, Bank OZK stepped in to provide a $38 million financing package, which was utilized to fund essential preliminary site work, engineering, and targeted marketing activities required to jumpstart the development.
Private Capital Continues to Fuel South Florida Luxury Projects
The colossal $817 million loan further expands Tyko Capital’s active portfolio and deepens its financial footprint across South Florida’s luxury real estate sector. Over recent years, the lender has financed a series of high-profile, architecturally distinct projects throughout the region. Among Tyko Capital’s regional investments are a prestigious Bentley-branded condominium development located in Sunny Isles Beach and a major convention center hotel project situated in Miami Beach.
The comprehensive financing transaction handled by Walker & Dunlop involved a large, specialized team of financial experts. The brokerage roster representing the developers included Michael Stepniewski, Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, and Sean Bastian. Their collaborative efforts were instrumental in navigating the complex capital markets to secure terms that could support a project of this unprecedented scale.
The sheer size of the funding secured for Faena Residences highlights a clear and widening distinction in today’s lending environment. There remains a profound financial divide between well-capitalized, heavily presold luxury developments and standard projects that continue to face steep challenges in obtaining construction debt. By amassing more than $500 million in confirmed sales prior to groundbreaking, the Miami River project serves as a prime textbook example of how substantial presales activity can instill deep confidence in major institutional lenders, convincing them to commit historic amounts of capital.
Furthermore, this financial milestone represents another vital step forward in the ongoing transformation and densification of the Miami River waterfront. As new residential towers rise along the riverbanks, they continuously expand the inventory of ultra-luxury housing options, seamlessly bridging the dynamic commercial hubs of Downtown Miami and the financial core of Brickell.
