Story Highlights

• Ytech secured $565 million loan for 70-story Miami condo project.
• The Residences at 1428 Brickell will have 195 luxury units.
• Project broke ground in 2024, slated for completion in 2028.

Ytech obtained a $565 million construction loan to complete the Residences at 1428 Brickell condo in Miami.

J.P. Morgan and Sculptor Real Estate teamed to provide the mortgage to the Miami-based developer, led by CEO Yamal Yidios, for the 70-story project on the 1.15-acre site at 1428 Brickell Ave. It will have 195 luxury condos.

Melissa Rose and Brian Gaswirth of JLL Capital Markets arranged the financing for the borrower.

“The financing we’ve secured for The Residences at 1428 Brickell underscores the capital market’s confidence in our vision and execution – in design, sales, and construction progress,”

Yidios said. “We’re grateful to all who have supported this journey. J.P. Morgan and Sculptor’s involvement further strengthens our position as we continue construction of a tower defined by unmatched quality, timeless design, and meaningful innovation, setting a new benchmark for Brickell and Miami’s luxury market.”

The developer broke ground on the Residences at 1428 Brickell in late 2024. It’s slated for completion in 2028.

The condos will range from 1,800 to 4,000 square feet, although some penthouses will be as large as 10,000 square feet. The developer said the building is 60% pre-sold. The condos previously started at $3 million. Now, Ytech said prices for the remaining inventory range from $4.4 million to $10 million. The largest penthouses are priced at $60 million.

The condo will have about 80,000 square feet of amenities, including the top three floors. That would include three pools, a 10,000-square-foot gym, an indoor/outdoor yoga room, a wine and fine art lounge, office suites, a private dining room, a wellness bar, a spa, a children’s room, a movie room, and guest suites.
Miami-based Coastal Construction is the general contractor. Miami-based Arquitectonica designed the building.

Ytech worked with Greenberg Traurig attorneys Kimberly LeCompete and Eric Fisher, plus Stuart Kapp of Kapp Morrison on the loan. J.P. Morgan worked with Noam Haberman of Gibson Dunn. Sculptor Real Estate was represented by Ilya Leyvi of Adler & Stachenfeld.