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. |