$565 Million Brickell Loan Highlights Capital Availability for Luxury Residences
Developer Ytech secured $565.4 million in construction financing for The Residences at 1428 Brickell, a 195-unit, luxury, 70-story condominium tower in Miami’s Brickell Financial District. JLL’s Debt Advisory Team arranged the loan with JP Morgan and Sculptor.
According to JLL Director Paul Adams, the deal successfully closed due to multiple factors. “The credit markets are extremely competitive today,” Adams told ApartmentBuildings.com. “There is significant liquidity for high-quality projects and top-tier sponsors, as evidenced by this loan closing.”
He worked with JLL Senior Managing Directors Melissa Rose, Brian Gaswirth, and Christoper Peck, and Associate Nichole Diaz to secure the 4.25-year floating-rate financing.
Adams explained that the Brickell District is on its way to becoming a significant financial hub, as well as a U.S. gateway for financial services in South America.
Additionally, “1428 Brickell’s specific location is highly attractive because the surrounding area is very upscale,” he said. “It’s adjacent to the Four Seasons Hotel Miami, and highly walkable to some of Miami’s exciting amenities.”
Groundbreaking and dirt work commenced in November 2024, with the foundation pour taking place in September 2025. Vertical construction is underway, with completion scheduled for 2028.
The high-rise offers two- to four-bedroom layouts, ranging from 1,800 to 8,900 square feet. Price points range from $4.4 million to over $10 million. Two upper penthouse units are priced at $60 million. The property is over 60% pre-sold.
“Discerning buyers have recognized 1428 Brickell for its premium offering and superb location, which has led to strong sales,” Adams said.
1428 Brickell will be the first high-rise residential building to be partially powered by renewable energy generated from 500 photovoltaic-integrated glass panels. The luxury property will offer 80,000 square feet of amenities, including resort-level pools, wellness facilities, a rooftop observatory and a two-story Owners Club.
Adams explained that the development is expertly designed and fits well into the region’s ultra-luxury market. “But it does so in an un-branded fashion, which is unique in the environment today in Miami,” he added. “Brands come and go, but timeless luxury is a unique offering in the market today.”
The development team includes ACPV Architects and Arquitectonica as architects, Coastal Construction as general contractor and Cervera Real Estate handling sales.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout