The Related Group and partners Teddy Sagi, BH Group, and Wanxiang America RE Group have secured a $400 million construction loan from Madison Realty Capital.
The loan will fund the construction of Residences at Six Fisher Island, located on the northeastern shoreline of Miami’s Fisher Island. This loan replaces an $85 million acquisition loan from Madison Realty Capital originated in 2022, arranged by Berkadia South Florida.
Residences at Six Fisher Island will be an ultra-luxury condominium development featuring 50 private residences across 10 stories. Construction is set to begin this summer, with completion expected in 2026. Since its launch in late 2022, the project has already generated over $500 million in sales.
Designed by Tara Bernerd and Partners and Kobi Karp Architects, the luxury residences will average 4,817 square feet. Features include private elevator foyers, Sub-Zero and Wolf appliances, natural stone flooring and walls, custom fixtures, and top-of-the-line appliances.
The development will offer a five-star package of amenities, including two pool decks with swimming pools, sunbeds, private cabanas, and full-service bars.
Fisher Island, South Florida’s most upscale enclave, provides residents with exclusive access to a private beach, golf course, members-only restaurant, and a racquet club with multi-surfaced tennis and pickleball courts.
The loan was arranged by Berkadia South Florida’s Managing Director Scott Wadler, Vice President Michael Basinski, and Senior Associate Patrick Johnson, alongside Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matthew Robbins.
Two penthouses sold earlier in 2024 for a combined total of $150 million. The remaining residences are priced at over $4,000 per square foot.
Douglas Elliman is the exclusive sales partner for Residences at Six Fisher Island. Additionally, Miami developer Diego Ojeda recently predicted continued growth in the city’s short-term rental market.
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By Proptechbuzz
By Ravi Kumar