Elliott-Backed Fund Provides $527M For St. Regis Condos Planned In Brickell
Related Group and Integra Investments secured a $527M loan for the planned 50-story St. Regis Residences in Miami’s financial district, Brickell.
Tyko Capital, backed by Elliott Investment Management, provided the construction debt for the project, the Miami-based developers announced Thursday. The tower’s 152 condos at 1809 Brickell Ave., ranging from two to six bedrooms, are more than 60% sold ahead of a yet-to-be-announced groundbreaking.
“We’re excited to move closer to realizing The St. Regis Residences, Miami, which will extend the hallmark St. Regis lifestyle — from bespoke butler service to Michelin-starred dining — to a setting that offers both the vibrancy of Brickell and a serene retreat,” Integra Investments principal Nelson Stabile said in a statement.
Robert A.M. Stern Architects designed the tower, with interiors coming from Rockwell Group. Along with traditional condos, the property includes penthouses, sky villas and standalone garden villas.
Dining options are set to include the hotelier’s signature St. Regis Tea Room and an upscale restaurant led by Michelin-starred chef Fabio Trabocchi. The 50K SF amenity package will have a fitness center, pickleball court, spa and marina, a major selling point for South Florida’s ultrarich.
“The St. Regis Residences, Miami redefines luxury living, bringing an elevated lifestyle to the Brickell waterfront,” Nick Pérez, president of Related's condo division, said in a statement. “With unparalleled amenities, spectacular views and impeccable service, every aspect is curated to surpass resident expectations.”
A Newmark team of Jordan Roeschlaub, Nick Scribani and Jonathan Firestone helped secure the funding on behalf of the developers.
The construction debt is the third $500M-plus loan for a South Florida luxury condo tower this year. In June, Property Markets Group locked in $668M from Bank OZK and Related Fund Management to build the Waldorf Astoria Hotel & Residences Miami, which is set to be the tallest residential building south of New York City.
Mast Capital secured $600M from two lenders in February for its planned Cipriani Residences at 1420 S. Miami Ave., half a mile from the planned St. Regis.
Tyko Capital has also been active in Brickell this year, providing OKO Group and Cain International a $565M mortgage for the nearly completed 830 Brickell office tower, which is fully leased by the likes of Citadel, Microsoft, Kirkland & Ellis and Thoma Bravo.
CORRECTION, SEPT. 6, 9:30 A.M. ET: Related Fund Management was also a lender for the Waldorf Astoria Hotel & Residences construction loan.
