Related Group & GTIS Partners Close $328M Construction Loan from Bank OZK for Baccarat Residences Miami

In Brickell, the Baccarat Tower, a striking 75-story structure, has recently achieved significant milestones in its development process.

Construction Loan Secured

The project developers have successfully obtained a substantial construction loan totaling $328 million, signaling confidence in the project's viability. This achievement comes on the heels of robust pre-sales, with over 95% of the tower already spoken for.

FAA Approval for Tower Cranes

In addition to financial backing, the Federal Aviation Administration (FAA) has granted approval for the installation of tower cranes at the construction site. This authorization includes clearance for cranes to reach impressive heights, further facilitating the tower's construction process.

Tower Characteristics and Timeline

With groundbreaking already completed in October, the tower's permanent height is slated to reach 848 feet above ground level. Notably, the FAA approval allows for tower cranes to ascend to heights of 887 feet and 906 feet above ground. The President of Related Group, Jon Paul Perez, has expressed confidence that the Baccarat Tower will become an iconic addition to the skyline.

Future Outlook

Completion of the Baccarat Tower is anticipated in early 2028, marking a significant milestone in Brickell's evolving landscape.