Faena Residences Miami Closes an $817 Million Construction Loan, the Largest in Florida History
Fortune International Group and KAR Properties closed an $817 million construction loan from Tyko Capital for Faena Residences Miami, the twin 68-story towers on the Miami River. Here is how the record was set, what it means for buyers and deposits, and how Faena's pricing compares with the neighborhood around it.
View the Faena Residences Miami building page
Faena Residences Miami is funded. On October 28, Fortune International Group and KAR Properties announced an $817 million construction loan from Tyko Capital for the twin towers at 24 SW 4th Street, on the north bank of the Miami River across from Brickell City Centre. Walker & Dunlop arranged the debt.
The developers call it the largest construction loan ever recorded in Florida. Commercial Observer and Bisnow both reported it as topping the $772 million that Related Ross borrowed for two West Palm Beach office towers. It is also the biggest condo construction loan the state has seen, by $149 million.
For anyone holding a reservation, this is the news that matters most. A rendering becomes a building when the construction loan closes, and this site has already seen one tower that never got that far.
The deal at a glance
| Detail | Faena Residences Miami |
|---|---|
| Loan | $817 million construction loan |
| Lender | Tyko Capital, led by Adi Chugh and backed by Elliott Management |
| Arranged by | Walker & Dunlop |
| Developers | Fortune International Group and KAR Properties, with Alan Faena |
| Announced | October 28, 2026 |
| Project | Two 68-story towers, 217 residences each (434 total), on a 1.8-acre riverfront site |
| Architect | Rafael Viñoly Architects |
| Presales | More than $500 million, per the developers |
| Biggest sale | About $30 million for the East Tower's duplex penthouse |
| Top asking price | $39.5 million for the Crown Residence |
| Completion | Early 2030, per the developers |
| Previous Florida record | $772 million, Related Ross, two West Palm Beach office towers (2025) |
"This financing demonstrates the depth of confidence in the project and the continued global appetite for best-in-class real estate in Miami," Edgardo Defortuna, Fortune's president and CEO, said in the announcement.
How the Florida record has moved
Four loans have set the Florida record since early 2024, and three of them were for Miami condo towers.
| Closed | Project | Loan | Lender |
|---|---|---|---|
| February 2024 | Cipriani Residences Miami, Brickell | $600 million | Banco Inbursa and Ascendant Capital Partners |
| June 2024 | Waldorf Astoria Residences Miami, Downtown | $668 million | Bank OZK and Related Fund Management |
| 2025 | Related Ross office towers, West Palm Beach | $772 million | Not a condo project |
| October 2026 | Faena Residences Miami, Miami River | $817 million | Tyko Capital |
The record may not last long. In September, Commercial Observer reported a $1.11 billion package for Mercedes-Benz Places in Brickell, including an $860 million construction loan from J.P. Morgan. Term sheets were signed, but we have not seen a closing announced. If it closes, Brickell takes the title back.
The biggest condo construction loans in South Florida
Faena now leads a list that has grown quickly. These are the largest condo construction loans we have tracked in our building guides.
| Project | Area | Loan | Closed |
|---|---|---|---|
| Faena Residences Miami | Miami River | $817M | October 2026 |
| Waldorf Astoria Residences Miami | Downtown Miami | $668M | June 2024 |
| Bentley Residences | Sunny Isles Beach | $630M | November 2025 |
| Cipriani Residences Miami | Brickell | $600M | February 2024 |
| South Flagler House | West Palm Beach | $600M | June 2025 |
| The Residences at 1428 Brickell | Brickell | $565M | November 2025 |
| St. Regis Residences Miami | Brickell | $527M | September 2024 |
| The Standard Residences Brickell | Brickell | $513M | Late 2025 |
| 1250 West Avenue | South Beach | $507M | October 2026 |
| St. Regis Residences Sunny Isles (one tower) | Sunny Isles Beach | $463M | October 2026 |
Two of the ten were announced in the same week, and Fortune is a developer on both. Earlier that week, Fortune and Château Group closed the $463 million loan for a St. Regis tower in Sunny Isles Beach.
Who is Tyko Capital?
Tyko is a New York lender founded about three years ago by Adi Chugh, a former debt broker, and backed by Paul Singer's Elliott Management. In that short time it has become one of the biggest construction lenders to South Florida condos.
Its condo loans in our records:
- Rivage Bal Harbour: $424 million, November 2024
- Icon Beach Residences, Hollywood: $360 million, April 2026
- 1250 West Avenue, South Beach: $507 million, October 2026
- Faena Residences Miami: $817 million, October 2026
That is about $2.1 billion across four towers. Bisnow also counted a $565 million loan on the 830 Brickell office tower in 2024.
Big private lenders now write the largest checks in this market. Banks are still active: Bank OZK backed Waldorf Astoria and South Flagler House, and J.P. Morgan backed 1428 Brickell. But the record loans increasingly come from debt funds that can hold an entire $800 million position.
What the loan means if you own or are buying at Faena
The biggest risk just got smaller
The worst outcome in pre-construction is a tower that never gets built, and this site has already seen that happen once.
KAR Properties controlled the land from 2013 and launched sales in 2015 for One River Point, an earlier twin-tower design by Rafael Viñoly. It never broke ground, and the land stayed vacant. Fortune came in as a partner in 2022 through a $58.8 million deal, and the Faena version launched in 2024. A closed construction loan is what that earlier project never had.
The presales cover a large share of the debt
More than $500 million in presales covers over 60% of the loan. That is a healthy cushion, and it is part of why a lender will commit at this size.
Sales have also picked up. In November 2025, The Real Deal reported nearly 100 units presold for about $300 million. Less than a year later, the developers report more than $500 million. That means at least $200 million in new contracts in about 11 months, including the roughly $30 million East Tower duplex.
Your next deposit is likely tied to groundbreaking
Broker listings for Faena have circulated this deposit schedule:
| Milestone | Deposit | Total paid |
|---|---|---|
| Reservation | 5% | 5% |
| 45 days after contract | 5% | 10% |
| 120 days after contract | 10% | 20% |
| Groundbreaking | 10% | 30% |
| 12 months after groundbreaking | 10% | 40% |
| Pour of the highest residential floor | 10% | 50% |
| Closing | 50% | 100% |
If your contract follows this schedule, the loan closing means the groundbreaking payment is close. Confirm your own schedule in your contract, since terms can differ by residence and contract date.
Florida law requires condo developers to hold buyer deposits in escrow. Deposits above 10% of the purchase price can be spent on construction if the contract allows it, and Miami pre-construction contracts commonly do. Once vertical work starts, assume that money is in the building.
Delivery is still more than three years out
The developers target early 2030. Earlier coverage put delivery at late 2029 or early 2030. You close on delivery, so your financing, mortgage rate and resale plans need to hold until then.
How Faena's pricing compares with the neighborhood
Faena is priced well above the Miami River District around it.
When the sales team listed three residences on the MLS in August 2025, they asked:
| Residence | Bedrooms | Size | Asking price | Per sq ft |
|---|---|---|---|---|
| East 4306 | 1 | 910 sq ft | $1,644,250 | $1,807 |
| East 1502 | 2 | 1,684 sq ft | $3,031,200 | $1,800 |
| South 6401 | 4 | 3,091 sq ft | $8,250,000 | $2,669 |
Those listings have since left the MLS. As of November 5, 2026, no Faena residences are listed there.
For comparison, here is what existing condos have actually sold for over the last 90 days, from MLS closings:
| Neighborhood | Median sold price per sq ft | A year earlier |
|---|---|---|
| Miami River District | $419 | $372 |
| Downtown Miami | $627 | $587 |
| Brickell | $614 | $604 |
Faena's entry asks were more than four times the Miami River District's resale median. The towers next door, such as Ivy, Mint and Wind, aren't Faena's competition.
When Faena owners eventually resell, buyers will compare their homes with other new branded towers like Cipriani, Waldorf Astoria and Baccarat, not with the rest of the riverfront. The price has to hold up against those towers.
The river corridor is improving, though. The neighborhood's median sold price per square foot rose about 13% in a year, on a small sample of 17 sales in the latest window. A finished Faena, with its sky bridge and Faena Rose club, could lift the whole stretch.
Our take
For Faena buyers, this is the most important news since sales launched. The financing answers the question that hung over this site for a decade. The lender committed at a record size, and presales cover most of the debt.
It doesn't change the basics of buying pre-construction. You are still committing money years before delivery, at a price set by the developer, not by resale comps. A record loan is good for completion risk. It says nothing about whether a residence is fairly priced for its floor, view or size.
If you are deciding between Faena and another branded tower, compare the deposit schedules, how far along each building is and how many units each has left to sell. Our Faena Residences Miami guide covers the residences, the sky bridge and the brand.
Frequently asked questions
How big is the Faena Residences Miami construction loan?
$817 million, from Tyko Capital, arranged by Walker & Dunlop. The developers announced it on October 28, 2026.
Is it really the largest construction loan in Florida history?
That is how the developers and Walker & Dunlop describe it. It tops Related Ross's $772 million loan for two West Palm Beach office towers and the $668 million Waldorf Astoria Residences Miami loan, the previous condo record. A larger $860 million package for Mercedes-Benz Places was reported in September, but we have not seen it close.
When will Faena Residences Miami be finished?
The developers target early 2030. With the loan closed, they say the project is moving into construction.
How much has Faena Residences Miami sold?
More than $500 million in presales, per the developers. That includes a roughly $30 million duplex penthouse in the East Tower.
Who is Tyko Capital?
A New York construction lender founded by Adi Chugh and backed by Elliott Management. It has also financed Rivage Bal Harbour, Icon Beach Residences in Hollywood and 1250 West Avenue in South Beach.
What happens to my deposit now?
Deposits are held in escrow under Florida law. Amounts above 10% of the price can fund construction if your contract allows it. Check your contract for the groundbreaking installment, which is likely to come due soon.
Is Faena Residences Miami the same project as One River Point?
It is the same site. One River Point was KAR Properties' earlier Rafael Viñoly design, which launched sales in 2015 and never broke ground. Faena Residences Miami replaced it in 2024.
How we built this
Loan terms, presales and the timeline come from the developers' announcement, as reported by Commercial Observer and Bisnow on October 28 and 29, 2026. Earlier loan figures come from the financing coverage cited in each of our building guides. Faena's asking prices come from the residences the developers listed on the MLS in August 2025. Neighborhood sold prices are medians of MLS condo closings over a rolling 90-day window ending November 5, 2026, compared with the same window a year earlier. The deposit schedule comes from broker listings and should be confirmed against your contract.
Keep reading
Condo buildings in Miami River
Photos, floor plans, amenities, and current units for sale and rent in each.
- Botanic Residences
- Faena Residences Miami
- Ivy at Riverfront
- Mint at Riverfront
- One River Point
- River District 14
- Wind at Riverfront
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Born and raised in Miami, Kyle Benjamin combines a background at Blackstone and Oppenheimer & Co. with hands-on coding and financial analysis. He founded REHUB Miami to make South Florida real estate easier to research through building comparisons, market data, floor plans, and local insights.
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