Related Group and Alta Developers closed on a $240 million construction loan for a B&B Italia-branded condo tower in downtown Miami.
Cain International is providing the financing for the 56-story, 319-unit development at 1400 Biscayne Boulevard, according to a press release. Construction began earlier this month and it’s expected to be delivered in 2026.
Despite the challenging debt market, a handful of projects with strong presales have been able to secure construction financing.
Related has long planned to develop the site into a luxury condo high-rise. The Coconut Grove-based developer announced it partnered with Raimundo Onetto’s Alta nearly two years ago when it launched sales of Casa Bella Residences by B&B Italia. It’s more than 80 percent presold, according to Related and Alta. The penthouse, a 5,900-square-foot triplex, is in contract for $12.6 million, or more than $2,100 per square foot.
A team led by Newmark’s Jordan Roeschlaub and Dustin Stolly arranged the financing.
Olga Monson of Fortune International Realty is leading sales and marketing. Units range from one- to four-bedroom condos. The Italian design house B&B Italia is designing the project.
Amenities will include a wellness center, poolside bar and cafe, a rooftop pool terrace, a theater and co-working spaces.
Dozens of branded residential buildings are in the pipeline across South Florida.
Related previously planned an Auberge Resorts-branded high-rise on the site, but canceled the project in 2016.
Cain International’s other projects include 830 Brickell, the office tower it’s co-developing with Vlad Doronin’s OKO Group; Una Residences in Brickell, also with OKO; and the Delano redevelopment in Miami Beach. This summer, the London-based firm acquired more than $1.2 billion in construction loan commitments from Pacific Western Bank for multifamily and student housing properties mostly in New York City.
Cain has originated more than $7 billion in global real estate debt in its nine years of business.
Related secured a nearly $160 million construction loan in September for Casamar Residences, a planned 118-unit luxury project in Pompano Beach. The U.S. arm of the Canadian bank CIBC provided the financing. Related had presold nearly all of the units for a total of $315 million at the time of the loan closing.
The firm, led by Jorge Pérez and his sons, Jon Paul and Nick, recently sold the 29 Wyn apartment complex in Wynwood for $135 million, or $544,000 per unit. Related and Bob Zangrillo’s Dragon Global Management sold the property.
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