Ytech is the latest luxury condo builder in South Florida to land more than a half-billion dollars in construction financing this year.
Courtesy of The Boundary for Ytech
The Residences at 1428 Brickell at 1428 Brickell Ave.
JPMorgan Chase and Sculptor Real Estate have combined to provide a $565M construction loan to Ytech for the 70-story Residences at 1428 Brickell tower, the developer announced Monday.
Roughly 60% of the project’s 195 condos have already been sold, according to a press release. The project at 1428 Brickell Ave. has been under construction since last year. Ytech landed a $78M loan from Linkvest Capital in March 2024.
The condos span 1,800 to 4,000 SF and range in price from $4.4M to $10M. The Residences in The Lower Penthouse Collection are priced between $10M and $20M and encompass between 4K and 7K SF.
The project also has two $60M upper penthouses with seven bedrooms and nine bathrooms apiece.
Greenberg Traurig attorneys Kimberly LeCompte and Eric Fisher and Kapp Morrison’s Stuart Kapp represented Ytech in the transaction. JPMorgan was represented by Noam Haberman of Gibson Dunn and Sculptor Real Estate was represented by Ilya Leyvi of Adler & Stachenfeld.
JLL Capital Markets‘ Melissa Rose and Brian Gaswirth represented the borrower in the financing. The deal is the latest of a slew of huge construction loans this year. Last quarter was the most active period for financing activity since 2022.
FINANCING
Ciprés and Rilea Group landed a $90M construction loan from Mexican lender Banco Inbursa for The Rider Residences, according to a release.
Construction began in February on the 12-story, 146-unit condo project at 94 NE 29th St. Residences, which can trade by crypto wallet-to-wallet transactions, range from 386 to 1,612 SF for studios, one-, two- and three-bedroom apartments.
Amenities include a rooftop pool, a restaurant and a speakeasy with a private elevator, private for-sale offices, a vinyl listening room, a pet spa, a gym and wellness amenities. The building also will have 11K SF of retail.
The project is expected to be completed in 2027.
SALES
Penn-Florida Cos. sold two Boca Raton development sites for $30M following a foreclosure complaint filed last year, according to property records provided by Vizzda.
An entity tracing to Sobel Co. purchased the 1-acre 375 E. Royal Palm Road for $27M and the neighboring parcel at 343 E. Royal Palm Road for $3.1M with $10M in new debt from Goldman Sachs.
Penn-Florida had previous plans to build a senior living project on the site, but the project stalled. The sale resolves a $5.7M foreclosure suit filed by Precedent Asset Management 4C LLC against Penn-Florida over the 375 E. Royal Palm Road property, South Florida Business Journal reported.
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Game Properties, led by Firpo Garcia, sold a retail and office center to an entity tracing to Andrew Perkins for $26M, according to property records provided by Vizzda.
The 80K SF Esplanade Center was built in 1988 at 901 to 1001 N. University Drive in Coral Springs. It last traded for $4M in 1995, the South Florida Business Journal reported.
CONSTRUCTION AND DEVELOPMENT
Oak Row Equities and Lndmrk Development broke ground on the 324-unit 2900 Terrace in Edgewater, according to a release.
The project at 401 NE 29th St. will have one-, two- and three-bedroom units and amenities like a fitness center, a yoga studio, coworking areas, a resident lounge and a golf simulator.
The developers landed a $210.5M construction financing package from Bank OZK and Canyon Partners Real Estate in June.
The Wynwood Garage at 2660 NW Third Ave.
LEASES
Goldman Properties inked a deal with American guitar brand Gibson to open a Gibson Garage on the ground floor of The Wynwood Garage at 2660 NW Third Ave., according to a release.
Gibson Garage Miami is expected to open in spring 2026 as an interactive music and retail spot with more than 500 guitars, space for live performances, artist showcases, album release parties and community events.
Newmark’s Frank Begrowicz and Greg Masin represented Goldman Properties. CBRE’s Drew Schaul and Jordan Landman represented Gibson Garage.
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New York-based Blu Hospitality is launching a new restaurant concept in Miami after signing a 6,500 SF lease at River Landing Shops & Residences, according to a release.
The restaurant, Blu, is expected to open doors during the second half of 2026 with an outdoor patio, a private mezzanine for events and celebrations and a rooftop terrace bar. Blu Hospitality is also behind the Blu on the Hudson restaurant in New York.
Blu will have an American menu with an emphasis on seafood and steak. It will join other restaurant tenants Tanuki, Elia, Carrot Express, Ficelle Boulangerie and Chick-fil-A at River Landing, a 2.5M SF mixed-use project with 345K SF of retail, 135K SF of office, 528 apartments and more than 2,000 parking spaces.
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Good Greek Moving and Storage signed a 61K SF lease with Bridge Industrial at Bridge Point Port Everglades, according to a release.
The Fort Lauderdale-based moving company’s deal brings the 171K SF logistics facility at 2200 NE 7th Ave. in Dania Beach to 60% occupancy. The company expects to move in by February.
A JLL team of Sky Groden, Ken Morris and Jeremy Cain represented the landlord. Cushman & Wakefield’s Rick Etner and Nicolas Reid represented the tenant.
MILESTONES
L&L Holding Co. and Oak Row Equities have delivered the Wynwood Plaza at 95 NW 29th St., according to a release.
The 1M SF mixed-use campus features a 266K SF office tower that is 50% leased, including 76K SF to Amazon and 25K SF to OKO Group. Other tenants include Claure Group, which is also a partner in the project, Shorenstein Investment Advisers and law firm Weitz & Luxembourg.
The project also has the 509-unit Wynwood Plaza Residences, which offers studios, one- and two-bedroom units and amenities like basketball and pickleball courts, a pool, a gym, coworking space and a cafe and game area.