Faena Residences Miami has secured an $817 million construction loan from TYKO Capital, clearing the way for the waterfront project to move into construction along the Miami River. The financing marks a major milestone for the development, which is being led by Fortune International Group and KAR Properties.
The project at 24 SW 4th Street is planned as Faena’s first standalone residential development in Miami and is expected to anchor a larger 14-acre Faena district on the mainland. Developers say the project has already surpassed $500 million in sales, including a reported $30 million sale of an East Tower duplex sky home, as the towers advance toward an expected completion in early 2030.
Walker & Dunlop Capital Markets Institutional Advisory arranged the financing, according to the developers. The new loan is being described by the project team as Florida’s largest condominium construction loan, underscoring both the scale of the development and continued lender appetite for high-end residential projects in Miami.
| Project Detail | Information |
|---|---|
| Project Name | Faena Residences Miami |
| Developers | Fortune International Group and KAR Properties |
| Lender | TYKO Capital |
| Loan Amount | $817 million |
| Address | 24 SW 4th Street, Miami |
| Location | Miami River waterfront, across from Brickell City Centre |
| Reported Sales | More than $500 million |
| Expected Completion | Early 2030 |
Construction financing secures a key step forward
The new loan gives the developers the capital needed to advance a project that has been closely watched in Miami’s luxury condominium market. Faena Residences Miami is the brand’s first residential project in the city to stand on its own, rather than operate as part of a hotel-branded mixed-use development.
According to the project team, the financing was announced on October 28 and immediately positioned the development to move ahead on the riverfront site. The loan also signals that large-scale condo construction lending remains available for projects with strong presales and a clearly defined luxury position, even as the broader South Florida market continues to navigate higher interest rates and tighter underwriting standards than in the boom years.
For readers tracking the project’s progress, the original announcement can be found in PROFILEmiami’s report on the financing.
Riverfront site is central to the project’s identity
Faena Residences Miami is being built on a riverfront parcel in the Miami River district, directly across from Brickell City Centre. The development’s location is a major part of its pitch: the project is designed to connect a luxury residential program with waterfront access, outdoor space and private marine services in one of the city’s most transit-oriented and rapidly changing urban areas.
The developers say the property will include approximately 300 feet of river frontage and will play a central role in what they describe as a planned 14-acre Faena district on the Miami mainland. That larger vision suggests the residences are intended not simply as an isolated tower project, but as the first major component in a broader branded neighborhood concept.
The Miami River corridor has drawn increased attention from developers and buyers in recent years because of its proximity to Brickell, the central business district and the waterfront. At the same time, the area has remained one of the city’s more development-sensitive neighborhoods, where new projects must balance density, access and views with riverfront logistics and environmental considerations.
Sales momentum has been strong ahead of delivery
Developers said the project has recorded more than $500 million in sales, a figure that suggests sustained demand for high-end inventory even before the project reaches completion. One of the most notable reported transactions is a $30 million East Tower duplex sky home, which the project team highlighted as a sign of buyer confidence in the development.
Those sales figures are especially relevant in the current Miami condo market, where luxury buyers have remained active even as financing costs have risen. Preconstruction projects with branded identities, riverfront or oceanfront locations and extensive amenity packages have continued to command attention from domestic and international purchasers.
While the developers have disclosed the sales total, they have not publicly released a full breakdown of pricing across the towers or all unit types. As with many preconstruction projects, detailed price lists and deposit structures are often revised as the project advances and demand changes.
Design team blends hospitality, art and residential programming
The project team includes Faena Design Studio and Bryan O’Sullivan Studio on interiors, with Sasaki handling landscape architecture and L’Observatoire International responsible for lighting. Artists Andrés Reisinger and Juan Gatti are also involved in the project’s artistic program.
That lineup reflects Faena’s long-standing emphasis on design, art and hospitality. In Miami, the brand has become closely associated with highly curated public spaces and a theatrical design language, first seen in its Miami Beach hospitality campus. The residential project extends that approach into a full-time living environment along the river.
One of the signature components is Faena Rose, a roughly 45,000-square-foot cultural center that is expected to combine programming, private events, dining, wellness, fitness and entertainment. The project also includes plans for a connection to the Miami Riverwalk, private dockage, marine concierge services and water transportation.
What the loan means for the next phase
With financing in place, the project can move further into execution after years of planning, design work and sales activity. The construction loan also reduces uncertainty around a project that has been positioned as one of the more ambitious luxury residential undertakings on the Miami River.
Fortune International Group President and CEO Edgardo Defortuna said in the project announcement that the financing represents “a major milestone” for both the development and Miami’s luxury residential market, noting that it reflects confidence in the project and continued global demand for top-tier real estate in the city.
For the market, the transaction is notable not only because of its size, but because it arrives at a time when lenders have been selective in backing large condominium projects. A financing package of this magnitude generally signals that a project has demonstrated meaningful presales, a strong sponsor group and a clear exit strategy for construction and delivery.
South Florida context: another major luxury project advances
Faena Residences Miami adds to a pipeline of high-end residential projects reshaping the skyline and waterfront districts of downtown Miami and Brickell. The area continues to attract developers seeking to combine branded hospitality, waterfront access and amenity-rich design for buyers looking beyond traditional condominium product.
The project also reinforces the ongoing competition among luxury developments for a limited supply of prime riverfront land. In Miami, where the market has rewarded location, brand recognition and differentiated design, large construction loans can be both a financing milestone and a market signal.
At the same time, the size of the loan and the reported sales volume invite close attention from buyers, brokers and competing developers. As the project moves into construction, remaining questions will center on buildout pace, future pricing and how the broader Faena district concept will unfold over time.
Frequently asked questions
Where is Faena Residences Miami located?
The project is located at 24 SW 4th Street on the Miami River, across from Brickell City Centre.
Who is developing the project?
Fortune International Group and KAR Properties are leading the development.
How much financing did the project secure?
The development secured an $817 million construction loan from TYKO Capital.
What is the expected completion date?
The developers expect the project to be completed in early 2030.
How much has the project sold so far?
Developers say the project has generated more than $500 million in sales.
