Weekly Real Estate News
TYKO Capital has provided $817 million in construction financing for Faena Residences Miami, a two-tower luxury condominium development planned along the Miami River. Developers Fortune International Group and KAR Properties announced the financing Wednesday, October 28, 2026. The loan is being described by the sponsors as the largest construction loan in Florida history.
The development at 24 Southwest Fourth Street will comprise two 68-story towers designed by Rafael Viñoly Architects. Project materials describe more than 400 residences, with a sky bridge linking the towers. Construction is expected to finish in 2030, according to the sponsors. The reported financing was arranged by Walker & Dunlop.
A reported state record backed by luxury presales
Developers say the project has generated more than $500 million in presales, including a $30 million penthouse purchase. Those figures are sponsor-reported sales commitments, not completed closings or cash already collected. The reported loan exceeds a previously cited $772 million construction financing package for two office towers in West Palm Beach. WRE News has not independently audited every prior Florida construction loan or reviewed the executed Faena loan documents.
TYKO Capital is a commercial real estate private-credit platform established in 2023. Its participation underscores the role of private capital in funding large condominium projects where construction costs and financing requirements can run into hundreds of millions of dollars.
Fortune secures two major financing packages in one week
The Faena transaction follows a separate $463 million construction loan announced earlier this week for the St. Regis Residences South Tower in Sunny Isles Beach, another project involving Fortune International Group. Together, the two announced loans total approximately $1.28 billion. They finance different projects and should not be treated as one facility.
The Faena site occupies approximately 1.8 acres near Brickell City Centre. According to prior reporting, Fortune principal Edgardo Defortuna acquired an interest in the property in 2022, partnering with KAR Properties, which had held the site since 2013. Earlier plans for a condominium development did not move into construction.
What the deal signals for Miami development
The financing suggests continued lender appetite for select luxury residential projects with substantial presales. It does not necessarily signal a broader rebound in construction lending or demand across the housing market. Ultra-luxury condominiums have different buyers, financing structures and risk profiles from mainstream for-sale housing.
The project remains exposed to construction, delivery, sales and market risks through its anticipated 2030 completion. The announced $817 million is the reported construction financing amount, not the project’s total development cost.
Sources: Commercial Observer, October 28, 2026, citing the developers’ announcement; South Florida Business Journal, October 28, 2026; Faena Residences official project fact sheet; TYKO Capital.
Image: Illustrative aerial photograph of Miami, not a rendering of the Faena development. Photo: Ryan Parker/Unsplash.
