The team at Berkadia said the 355-unit condo is 95% pre-sold. Wadler said the strong level of pre-sales, along with the developers’ track records of success, created a compelling opportunity here for lenders.

"From breaking ground last October, to now closing this loan, our vision for a skyline-defining property is quickly becoming a reality,” stated Jon Paul Perez, president of Related Group. "We’d like to thank our lender, Bank OZK, and our various partners for sharing our optimism on the long-term potential of the South Florida market and our commitment to creating an iconic property the entire city can be proud of.”

Related Group and GTIS Partners broke ground on Baccarat in 2021. At the time, units were priced from $1.1 million to $3.5 million. The average unit size is about 2,000 square feet.

There were some delays at the project after archeologists found artifacts there dating back thousands of years for a potential indigenous village, but city officials allowed construction to move forward under the supervision of archeologists. Part of the site was designated as protected archaeological landmark.

Baccarat should be completed in early 2028.

“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,” stated Robert Vahradian, partner and head of US investments for GTIS Partners.

The 75-story project will feature more than 75,000 square feet of amenities, including s fitness center, a spa, a private marina, a clubroom, a movie room, a wine room, a pool, and a business center. Miami-based Arquitectonica designed the project.