MIAMI — J.P. Morgan (NYSE: JPM) and Sculptor Real Estate have provided $565 million in construction financing for The Residences at 1428 Brickell, a 70-story multifamily tower in downtown Miami’s Brickell Financial District. The borrower is Ytech, a locally based luxury residential development firm led by Yamal Yidios.
A breakdown of the financing package was not disclosed, but J.P. Morgan is the senior lender on the project, and Sculptor Real Estate is the junior lender. Melissa Rose and Brian Gaswirth of JLL arranged the debt on behalf of Ytech.
Already under construction, The Residences at 1428 Brickell will offer 195 luxury condos, with for-sale prices starting at $4.4 million. Residences will range in size from 1,800 to 4,000 square feet, with select units having two-story layouts. All residences will feature Italian-made Arclinea kitchens, Rimadesio glass partitions, carved-stone tubs and premium OptiGray® glass glazing.
The development will offer penthouse units that will range in size from 4,000 to 7,000 square feet, with prices starting at $10 million . The tower will also offer two $60 million upper penthouses that feature 30-foot ceilings, seven bedrooms, nine bathrooms and two balconies facing Biscayne Bay to the east.
Residents will have access to more than 80,000 square feet of amenities. These amenities will include three pools, a 10,000-square-foot fitness center with an indoor/outdoor yoga room, a two-story wine and fine art lounge, private dining room, an immersive spa with aquatic therapy, office suites and fully furnished guest residences.
The Residences at 1428 Brickell is expected to be fully complete in 2028. At the time of the loan closing, about 60 percent of the residences had been sold.
“The financing we’ve secured for The Residences at 1428 Brickell underscores the capital market’s confidence in our vision and execution — in design, sales and construction progress,” says Yidios. “J.P. Morgan and Sculptor’s involvement further strengthens our position as we continue construction of a tower defined by unmatched quality, timeless design and meaningful innovation.”
— Taylor Williams