Related Group and GTIS Partners have secured a $328 million construction loan for the Baccarat Residences Miami, a 75-story luxury condominium tower at the gateway of Brickell Avenue. The financing, arranged by Berkadia South Florida, supports the development of the 848-foot-tall skyscraper, which is currently under construction at 99 Southeast 5th Street and is expected to be completed in early 2028. Over 95 percent of the residences have been sold since the launch in late 2021. John Moriarty & Associates is the general contractor.
“From breaking ground last October, to now closing this loan, our vision for a skyline-defining property is quickly becoming a reality,” said Jon Paul Perez, President of Related Group. “We’d like to thank our lender, Bank OZK, and our various partners for sharing our optimism on the long-term potential of the South Florida market and our commitment to creating an iconic property the entire city can be proud of.”
Baccarat Residences Miami (center). Credit: Related Group.
The loan highlights the continued growth and appeal of the Brickell area, which remains a vibrant part of Miami despite broader economic fluctuations.
“Brickell is an exceptional neighborhood that only continues to get stronger and more attractive,” said Robert Vahradian, Partner and Head of US investments for GTIS Partners. “With the entrance of marquee companies, like Citadel; and continued expansion of the area’s retail and cultural offerings and, of course, best-in-class residential product, Brickell continues to exhibit immense potential.”
Baccarat Residences Miami. Credit: Related Group.
The project is seen as a significant contribution to Miami’s architectural landscape and luxury living, offering 355 residences, including eight exclusive penthouses. The design by Arquitectónica reflects the elegance and heritage of the French crystal company Baccarat, while introducing modern architectural elements. Meyer Davis handles interior design, and Enzo Enea is the landscape architect.
“Despite a shifting capital markets environment, Related and GTIS continue to shape the skyline of this leading global city,” said Scott Wadler, Managing Director of Berkadia South Florida. “The tower’s strong pre-sale commitments underscoring Miami’s market fundamentals, coupled with the sponsors’ proven track record of success in the immediate submarket, created a compelling lending opportunity to capitalize Brickell’s most distinguished new address. The introduction of Baccarat Residences and its storied brand will further enhance the skyline and elevate Miami’s status as a region for ultra-luxury investment and development.”
The development will feature over 75,000 square feet of amenities, managed by SH Hotels & Resorts, including a state-of-the-art health and fitness center, La Mer spa facilities, and a private marina, enriching Miami’s ultra-luxury residential market.
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