Redefining Luxury Living: Related Group and GTIS Partners Secure $328 Million for Baccarat Residences Miami in Brickell
In a significant development for Miami’s real estate landscape, the Related Group and GTIS Partners have announced the securing of a $328 million construction loan. This financial backing is set to fuel the ambitious development of Baccarat Residences Miami, an opulent condominium tower poised to grace the iconic Brickell.
The financing, extended by Bank OZK at a competitive floating-rate, marks a pivotal step forward for the project. Berkadia South Florida played a crucial role in orchestrating this substantial loan, with key figures like Managing Director Scott Wadler and Vice President Michael Basinski leading the charge alongside Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson.
Baccarat Residences Miami, a property that embarked on its journey in late 2021 and has since soared to over 95% sold, is currently in the throes of construction. Anticipated to reach completion by early 2028, this architectural marvel promises to redefine luxury living in Miami.
Commenting on this milestone, Jon Paul Perez, President of Related Group, expressed gratitude towards the project’s partners and lenders, emphasizing their shared vision for a skyline-altering development. Perez’s sentiments echo the sentiment of determination and optimism that drives this venture forward.
The infusion of this significant capital into the Brickell area underscores the neighborhood’s thriving status. Despite broader economic challenges, Brickell continues to assert its dominance as a premier destination for businesses and residents alike.
Robert Vahradian, Partner and Head of US Investments for GTIS Partners, highlighted Brickell’s allure, citing its resilience and ongoing evolution as key factors in attracting investment. With notable additions like Citadel and a flourishing retail and cultural scene, Brickell stands as a beacon of growth and potential.
Baccarat Residences Miami, the sister property to the acclaimed Baccarat Hotels & Residences NYC, promises a lifestyle of unparalleled luxury. Boasting 355 residences, including eight exclusive penthouses, the tower is a testament to exquisite design and craftsmanship.
Designed by the renowned firm Arquitectónica, Baccarat Residences Miami pays homage to the storied legacy of the French crystal company while introducing a contemporary architectural masterpiece to South Florida.
Spanning over 75,000 square feet, the tower’s amenities epitomize five-star living, featuring state-of-the-art facilities, a luxurious spa, private marina access, and a curated art collection. Managed by SH Hotels & Resorts, these amenities promise an elevated living experience for residents.
As construction progresses and anticipation builds, Baccarat Residences Miami stands poised to redefine luxury living in Miami, embodying the essence of sophistication and exclusivity.
Ken Griffin’s Bold Forecast for Miami’s Financial Ascent
Citadel’s CEO Ken Griffin has cast Miami in a pivotal role in the global financial theater, potentially rivaling New York’s dominance. Speaking at Citadel Securities’ Global Macro Conference, Griffin, a financial heavyweight with a net worth of $35.4 billion, envisioned a future where Miami’s Brickell Bay could ascend to be the new nerve center of finance, even referring to New York as “Brickell Bay North” in the coming decades.
The shift towards the sun-soaked allure of South Florida has already begun, with finance moguls drawn by the favorable climate and tax advantages. Griffin, who relocated to Miami last year, is spearheading this transition, not only through Citadel’s expansion but also via a transformative $1 billion-plus waterfront complex destined to become Citadel’s headquarters. His vision extends to civic contributions, with significant investments in local institutions and initiatives.
Griffin maintains respect for New York’s dense concentration of financial expertise and has plans to erect an imposing new skyscraper in Manhattan. However, he acknowledges Florida’s political landscape as fertile ground for economic expansion. Griffin’s commentary implies a strategic consideration for Miami could be the vanguard of America’s financial future, suggesting a recalibration of geographic portfolios might be prudent.
830 Brickell Tower Brings Big Names to Miami’s Financial District
As more tech companies and their execs flock to Miami, another quintessential tower is making a name for itself in the Brickell Financial District with new commercial leases and a lot of them are prominent names! 830 Brickell will soon be home to a massive technology and aerospace companies and we cannot wait to see what other companies decide to lease space.
AerCap, an aviation company recently signed a lease for 20,000 square feet at 830 Brickell with their headquarters currently in Dublin, Ireland. AerCap has leased the entire 50th floor.
According to the developers Cain International and OKO Group, “Attracting a global company like AerCap is precisely what we envisioned when we decided to develop this best-in-class office tower in the Brickell Financial District.”
Other companies that are joining AerCap include CI Financial and Microsoft. CI Financial, a Canadian Asset Management Firm signed a lease for 40,000 square feet between floors spending over the 48th and 49th floors. Microsoft is also leasing 50,000 square feet.
Rent for 830 Brickell starts at $100 per square foot.
About 830 Brickell
830 Brickell is a 55 story Class A office tower located in the Brickell Financial District. Developed by OKO Group and Cain International, the tower was designed by Adrian Smith + Gordon Gill. Interiors have been designed by the Italian architecture company, Iosa Ghini Association.
830 Brickell totals 650,000 square feet.
Amenities for 830 Brickell include street-level retail, cafes, outdoor terrace, conference facility, health and wellness center, and rooftop bar/restaurant. The tower also offers unlimited Biscayne Bay and downtown Miami views.
OKO Group and Cain International are also responsible for Una Residences and Missoni Baia, residential towers in Miami. Missoni Baia has already reached 90% sold. Una is currently scheduled for completion in 2023.
830 Brickell is scheduled to be complete by the end of 2022.
Market Stat Monday: How Many Buyers Actually Pay Cash vs Financing?
Photo by Lucas Lechuga.
In the not-too-distant past, our real estate market was in a state of financing drought. Even if a buyer was prequalified, the chances of a mortgage making it out of underwriting with a clear to close were slim to none. Listing agents would many times refuse to show their listings to buyers who intended to use financing because the likelihood of the deal going through was so slim. This was during the recovery of the 2008 market crisis, and we have come a long way.
Banks have since loosened their purse strings and relaxed their underwriting guidelines, leaving more opportunity for the mortgaged masses… but how much of our current market do they make up? We took a look at all of the 772 resales that happened during the first half of 2017 in Brickell, Downtown, Midtown and Edgewater and found that financed purchases comprise about half of the transactions and sales volume. Check out this interactive graph that displays our findings.
Aside from the number of transactions and sales volume, we also found that only 14 of the 397 cash transactions were valued at over $1 million, and 23 of the 365 financed transactions were valued over $1 million. Naturally, none of the FHA financed transactions hit the benchmark since these loan limits are capped far below.
Are you surprised by any of these findings? How do you think the trend will continue through the rest of the year and into 2018?
The Full List Of Downtown Miami Area Condos With Fannie Mae Approval
Let’s talk about financing. Many people already know that financing in condos is far more difficult than single-family homes and very few buildings in Miami have achieved that coveted “Fannie Mae Approval”, but which ones did make the cut? Here’s our updated list with expiration dates of the approvals.
SLS Brickell (expires June 2018)
SLS Brickell almost didn’t get to be on this list. According to the executives at Related Group, the inspectors from Fannie Mae were under the impression that it was a condo-hotel... something that would disqualify the property from Fannie Mae Approval. After a site inspection, they could see that it is not a condo hotel. SLS Brickell is a hotel with a tower of residences on the top. They look the same, but work very much differently. Approved!
1010 Brickell (expires February 2018)
This is the first of two buildings who have their approval but are not yet completed. Although it is unarguably behind schedule, I’m really looking forward to see 1010 Brickell open. It is the first building I have seen in Brickell that has such a wide range of amenities for kids of all ages.
1010 Brickell is currently sold-out, but the Fannie Mae approval will help with people who are interested in resales.
Brickell Heights East& West (expires December 2017)
We have covered the Brickell Heights opening extensively and are so pleased with how it turned out. Three members of the Miami Condo Investments team have already signed up for Equinox and are loving the classes!
This is going to be the building for people who want to be in the middle of everything. It is right between Brickell City Centre and Mary Brickell Village, offering a host of entertainment choices. I have heard people who are concerned about the plans to build a 75 story tower called 18 on the lot directly to the north, but it is my opinion that this will not happen. I feel it is simply a sexy tower with approvals to help increase the land value. That’s a pretty common tactic in land sales, but we can talk more about it in another post…
LeParc at Brickell (expires January 2018)
If you’re the type of person who likes to be near the hustle and bustle of city life, but not necessarily right in the middle of it, Le Parc at Brickell is for you. It is a boutique condo that is walking distance to Brickell’s Financial District, but is also located behind Simpson Park. Simpson Park is a natural hammock on the corner of South Miami Avenue and SE 15th Street and offers trails to experience the natural habitat of this area before the estates and high rises were here.
Fun fact: it is naturally MUCH cooler in the middle of Simpson Park than it is on the street.
Centro (expires February 2018)
This past Monday, we visited the market statistics for Centro and were amazed at how few transactions there were. This is a great opportunity for someone who Ubers everywhere (or Lyft if you’re part of the #DeleteUber movement). There are no parking spots included with the units, so this is for someone who wants a true city lifestyle. Aside from the lack of parking, the location and finishes are great.
Canvas (expires January 2018)
Now we’re going to skip North to the Arts & Entertainment district. Canvas is also still under construction and will need to extend their approval because the building is not quite topped off yet. I feel it will be closer to the middle of 2018 before these units are ready to close.
Crimson (expires June 2017)
If you’re in the market for a LEED certified waterfront condo, then you need to look into Crimson. You also need to hurry because their approval expires at the end of the month. No word yet on whether they intend to renew it.
Biscayne Beach (Expires December 2017)
With interiors by Thom Filicia, Biscayne Beach opened last month to rave reviews. They are currently 99% sold-out of their developer inventory and over have of the units have already closed. Two Roads Development (who is also developing the nearby Elysee) paid off their construction loan and are now sitting pretty as buyers begin to move in.
If you missed the developer inventory, we have listed a beautiful 3 bedroom, 4 bathroom plus den corner layout with south and east views. It is available with one of the best views of Miami, decorator ready for your personal touch at $1.75 million.
