[The Real Deal] – OKO Group, the real estate development firm led by billionaire Vlad Doronin, and Jonathan Goldstein’s Cain International secured a $128.3 million construction loan for a waterfront Brickell condo project.
Bank OZK provided the financing for Una Residences, a 47-story, 135-unit tower currently under construction, according to a press release. The developer broke ground on the project a year ago and launched sales about three years ago. Fortune International Group is handling sales. The south Brickell building, at 174 Southeast 25th Road, is expected to be completed in 2023.
Condo sales have increased in recent months, outpacing single-family home sales in some submarkets due to decreasing inventory of houses. As a result, a number of condo developers have launched new projects in the Miami area this year, including Related Group and Property Markets Group.
Una secured $76 million in sales between January and now, all from domestic buyers, according to the release.
Condo prices range from $2 million to $7.4 million, and penthouses are asking up to $21.6 million. Units range from two to five bedrooms.
Adrian Smith + Gordon Gill designed Una Residences. Amenities will include three swimming pools, a fitness center and spa, and a restaurant. Buyers will also receive a membership to the Grand Bay Club in Key Biscayne.
A team led by Walker & Dunlop’s Keith Kurland and Aaron Appel represented the developer in the loan.
In South Florida, OKO and Cain are also developing 830 Brickell, a Class A office tower in the financial district. In addition, OKO is partnering with Len Blavatnik of Access Industries on the Aman-branded residential and hotel development within the Faena District in Miami Beach.
Construction financing has returned after a pause during the pandemic. In March, Miami Beach developers Russell Galbut of Crescent Heights and Terra’s David Martin scored a $345 construction loan for their planned residential tower at 500 Alton Road. And Terra nabbed $64.8 million for the construction of the 460-unit Natura Gardens near American Dream Miami mega-mall and just outside Miami Lakes.
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