In what could be seen as a major endorsement of Florida’s beleaguered condo market, JLL’s Capital Markets announced it secured $565.35 million in construction financing for The Residences at 1428 Brickell, a 70-story luxury condo tower in Miami’s Brickell Financial District.
The new development will feature 195 homes in two- to four-bedroom plus den floor plans, providing 1,800 to 8,900 square feet of space. The tower is being promoted as “the first-ever high-rise residential building in the world to be partially powered by the sun, featuring a solar backbone on the west façade with over 500 photovoltaic-integrated glass panels comprising nearly 20,000 square feet of energy-producing glass.” The development will also offer 80,000 square feet of resident amenities including resort-level pools, a two-story Owners Club, wellness facilities, and a rooftop observatory.
As of last month, The Residences at 1428 Brickell is 57% presold. JLL represented the borrower, the real estate development and investment firm Y-Tech, in arranging the 4.25-year, floating-rate loan through JP Morgan and Sculptor.
“We’re excited to partner with Y-Tech on this groundbreaking project that represents the future of luxury residential development in Miami,” said JLL Capital Markets Senior Managing Director Melissa Rose. “The strong presales performance, world-class design team and innovative sustainability features position 1428 Brickell as a landmark addition to Miami’s skyline.”
Photo: Artist’s rendering of The Residences at 1428 Brickell
