Luxury Condos on Ritzy Miami Island Land $400 Million Financing
Bloomberg reported that Florida’s Related Group has secured a $400 million construction loan from Madison Realty Capital to start building ultra-luxury condos on the Miami area’s exclusive Fisher Island. Related and partners Teddy Sagi, BH Group and Wanxiang America RE Group plan to start construction this summer on the project, a 10-story property with 50 units dubbed Residences at Six Fisher Island. “Fisher Island is one of the most exclusive communities in the country creating strong demand for new residences, yet offers limited new development,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “We are excited to deliver a flexible financing solution for the construction of highly amenitized, modern residences.” The deal was arranged by Berkadia South Florida.
