Adi Chugh Of TYKO Capital Provides $817 Million Construction Loan For Faena-Branded Project In Miami

The asset involved in this transaction is a development site located at 24 Southwest 4th Street in Miami, FL. The loan issued for this construction project amounts to $817 million, which sets a record for Florida's largest construction loan. The planned project consists of twin towers with a height of 68 stories, expected to house 434 residential units. Completion of the project is anticipated in the year 2030, and to date, it has secured over $500 million in presales.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $817,000,000
• Lender: Adi Chugh - TYKO Capital
• Landlord: Edgardo Defortuna - Fortune International Group
• Landlord: Shahab Karmely - KAR Properties
• Brokers: Michael Stepniewski, Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer & Sean Bastian - Walker & Dunlop

This construction loan facilitates the collaboration between Fortune International Group and KAR Properties for the Faena-branded luxury condo project. The involvement of multiple brokers from Walker & Dunlop highlights the extensive representation in this significant real estate transaction, ensuring the interests of the parties are well managed throughout the deal.