Ytech scores $565M construction loan for 1428 Brickell condo tower
Yamal Yidios’ Ytech secured $565 million in financing for the firm’s 70-story luxury condo tower that’s under construction in Miami’s Brickell.
The construction loan marks one of the largest to close in South Florida this year. J.P. Morgan is the senior lender, and Sculptor Real Estate is the junior lender, according to a press release.
JLL’s Melissa Rose and Brian Gaswirth arranged the financing on behalf of the developer.
The Residences at 1428 Brickell, a 195-unit project, is more than 60 percent presold, according to the release. Buyers are from more than 17 countries in Latin America and Europe, as well as from within the U.S., including Miami, New York, Chicago and San Francisco. Miami-based Ytech hired Cervera Real Estate to lead sales and marketing of the condos in 2022.
The 850-foot-tall building will mark the first high-rise residential building in the world that will be partially powered by solar power. The developer will integrate photovoltaic glazing in the glass facade that forms the building’s “solar backbone.”
Excluding penthouses, condos at 1428 Brickell range in price from $4.4 million to $10 million, and from 1,800 square feet to 4,000 square feet. The lower penthouses will be between 4,000 square feet and 7,000 square feet, and range in price from $10 million to $20 million, according to the release. The building will also have two $60 million penthouses, each with seven bedrooms, nine bathrooms and two balconies.
