{"id":93369,"date":"2025-12-23T04:47:15","date_gmt":"2025-12-23T04:47:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/93369\/"},"modified":"2025-12-23T04:47:15","modified_gmt":"2025-12-23T04:47:15","slug":"chicago-developers-land-250m-to-build-miami-apartment-tower-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/93369\/","title":{"rendered":"Chicago Developers Land $250M to Build Miami Apartment Tower \u2013 Commercial Observer"},"content":{"rendered":"

Two Chicago development firms, Focus<\/a> and Group Fox<\/a>, have secured $250 million to build Brickell Starlight, a luxury multifamily development in Miami\u2019s coveted financial district, Commercial Observer can first report.<\/p>\n

The financing from San Antonio-based Affinius Capital<\/a> will fund the construction of the 39-story development, which is set to include 517 apartments at 125 Southwest Seventh Street, just west of the Brickell City Center mixed-use complex and the Metromover rail line. Construction is expected to start before the year ends.\u00a0<\/p>\n

SEE ALSO: Witkoff, PIMCO Default on $400M-Plus in Debt Tied to SoCal Luxury Apartments<\/a><\/p>\n

\u201cBrickell continues to solidify its reputation as a global epicenter for finance, culture and lifestyle, attracting affluent professionals and international residents seeking premium housing,\u201d Tim Anderson, Focus\u2019 CEO and founder, said in a statement. \u201cDespite surging demand, new multifamily supply in Brickell, the most prominent submarket in Miami, remains extraordinarily limited, creating a significant opportunity for new development.\u201d<\/p>\n

Cushman & Wakefield<\/a>\u2019s Chris Lentz, Jeff Altenau, Chris Moyer, Susan Tjarksen and Marc Royer represented the sponsors.<\/p>\n

The asset itself will feature more than 500 studio to three-bedroom market-rate apartments, of which 5 percent will be reserved for workforce housing. On-site amenities will include two outdoor swimming pools, a pair of amenity decks with individual cabanas, a fitness center, a sauna, co-working spaces, a dog run and a dog spa.<\/p>\n

Focus purchased the one-acre site for $28 million in 2022, according to property records. Earlier this year, the joint venture was looking<\/a> for a limited partner to take a 90 percent stake in the project for $105 million and $190 million in construction debt.<\/p>\n

Eric Cohen, Affinius Capital co-head of debt originations, noted in a statement that unlike other areas of southeast Florida, the submarket of Brickell has not delivered the small amount of Class-A apartment supply, even as major employers have relocated to the market, positioning it for strong performance.<\/p>\n

\u201cThe property\u2019s transit-oriented location, immediate access to Brickell City Centre, and institutional-grade amenity package position it to capture significant market share upon delivery,\u201d added Cohen.<\/p>\n

Brickell has welcomed a slew of new companies and workers this year, thanks to the completion of 830 Brickell, Miami\u2019s first standalone office tower in over a decade. The tenants of the 57-story tower include tech giant Microsoft, Santander Bank and law firm Sidley & Austin.\u00a0<\/p>\n

Billionaire Ken Griffin is also developing a high-rise for the global headquarters of his two companies, hedge fund Citadel and market maker Citadel Securities.\u00a0<\/p>\n

Other luxury rental projects in Brickell are underway, too. Around the corner from Brickell Starlight, PMG nabbed a $413 million loan<\/a> in April to build a condo and multifamily development.<\/p>\n

Also, along the Miami River, Joseph Chetrit is nearing completion of a 54-story, 632-unit luxury apartment tower. Over the summer, a group led by former WeWork CEO Adam Neumann purchased<\/a> a majority in the mixed-use project, which is set to include a few more phases.<\/p>\n

Julia Echikson can be reached at jechikson@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Two Chicago development firms, Focus and Group Fox, have secured $250 million to build Brickell Starlight, a luxury…\n","protected":false},"author":2,"featured_media":93370,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[49872,49873,49874,49875,123,125,124,49876],"class_list":["post-93369","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-125-southwest-seventh-street","tag-brickell-starlight","tag-chris-lentz","tag-jeff-altenau","tag-miami","tag-miami-headlines","tag-miami-news","tag-tim-anderson"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/93369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=93369"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/93369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/93370"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=93369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=93369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=93369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}