JPMorgan provides $565 million in financing for ultraluxury Miami tower
Miami-based developer Ytech received one of South Florida’s largest construction loans this
year with lenders JPMorgan and Sculptor Real Estate providing $565 million for the Residences
at 1428 Brickell.
JPMorgan, the country’s biggest bank, which has an office next door to where the 70-story
luxury condominium is already rising, was joined by Sculptor Real Estate as the junior lender on
the 4.25-year floating rate loan. The deal, arranged by JLL Capital Markets on behalf of Ytech,
“underscores the capital markets confidence in our vision and execution — in design, sales, and
construction progress,” said Yamal Yidios, CEO of Ytech, in a statement.
The loan is one of the latest in a series of major deals for bigger, more luxurious condominiums
that are rising throughout South Florida.
In 2024, Mast Capital secured a $600 million loan for the 80-story Cipriani Residences. The
Waldorf Astoria Hotel & Residences followed with a $668 million loan — the largest in Florida’s
history. And earlier this year, Related Ross scored $600 million for South Flagler House in West
Palm Beach, Florida.
Located in Miami’s financial district, the Residences at 1428 Brickell’s 195 units are already 60%
sold, with the tower going vertical after a record foundation pour last month. Completion is
slated for 2028, with Coastal Construction serving as the general contractor.
Buyers for units at the Residences at 1428 Brickell come from San Francisco, New York and
Chicago and include Miami locals and individuals representing 17 countries across Latin
America and Europe, the developer said.
Prices at the Residences at 1428 Brickell range from $4.4 million to $10 million, with floor plans
that span 1,800 square feet to 4,000 square feet. Penthouses start at $10 million, with floor
plans that range from 4,000 square feet to 7,000 square feet floor plans. Two of the most
luxurious penthouses that are being touted as the tower’s “crown jewels” start at $60 million.
Sales are led by Cervera Real Estate.
Unlike other luxury towers being developed in the region, the Residences at 1428 Brickell is
expected to rise with what Ytech has previously described as a solar backbone. Plans for the
860-foot-tall tower include 500 photovoltaic-integrated windows along the western façade. The
nearly 20,000-square-foot system is expected to generate up to 175 megawatts of clean energy
annually.
“The strong presales performance, world-class design team and innovative sustainability
features position 1428 Brickell as a landmark addition to Miami’s skyline,” said Melissa Rose,
senior managing director at JLL Capital Markets, in the statement.
