MIAMI--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing totaling $236 million for the development of Brickell Flatiron, a 64-story, 549-unit, ultra-luxury residential condominium tower located in Miami’s Brickell financial district.
HFF worked on behalf of the developer, Miami-based CMC Group, to secure a $138.3 million senior loan and a $97.968 million mezzanine loan. Loan proceeds will be used to complete the project and market the remaining units.
Brickell Flatiron is being constructed on a 1.1-acre site at 1001 South Miami Avenue across from The Shops at Mary Brickell Village and within walking distance of the Brickell City Centre mixed-use development. Upon completion in mid-2019, the project will be the tallest residential tower south of New York City, complete with world-class amenities such as a rooftop amenity deck with signature spa, fitness center, swimming pool with cabanas and juice bar; private movie theater; meeting rooms; specialty wine cellar; concierge service; and state-of-the-art smart home technology. Soaring 736 feet above street level, the property was designed by Revuelta Architecture International with features, including all-glass elliptical balconies, custom Italian finishes, professional-grade German appliances and panoramic views of Biscayne Bay and the downtown skyline. Sales to date at Brickell Flatiron are in excess of $300 million.
The HFF debt placement team representing the developer was led by managing director Jim Dockerty.
“Even though the debt market was extremely tight for luxury condominium projects such as Brickell Flatiron, CMC’s extraordinary track record and ability to deliver best-in-class product attracted strong interest in the financing,” Dockerty said.
About CMC Group
Widely regarded as one of South Florida’s most respected and successful luxury residential and commercial developers, Ugo Colombo’s CMC Group has helped redefine luxury condominium living in Miami with their landmark additions of both Bristol Towers and the Santa Maria along Brickell Avenue. The firm’s portfolio also includes the Epic Residences & Hotel, Grovenor House and Porto Vita in Aventura.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.