Market Brief
Two Miami-Dade condo projects with 540 planned units drew $1.32 billion in construction loans in October 2026, led by an $817 million loan for Faena Residences on the Miami River.
Tyko Capital lent $817 million for 434-unit Faena Residences Miami and $507 million for a 106-unit Miami Beach tower at 1250 West Avenue.
Two Miami-Dade condo projects with 540 planned units drew $1.32 billion in construction loans in October 2026, both from New York lender Tyko Capital. The larger, an $817 million loan for Faena Residences Miami, a 434-unit, two-tower project on the Miami River, was the largest construction loan ever recorded in Florida, Bisnow reported on October 29. Three weeks earlier, a Terra-led group closed a $507 million loan for a 106-unit, 28-story tower at 1250 West Avenue in Miami Beach, Commercial Observer reported on October 8. Neither building is expected to deliver homes soon: Faena targets early 2030, and the Miami Beach tower has not started pre-sales.
The Miami market data hub carries monthly resale figures. This brief covers what the two loans finance and how the projects compare with today's resale market.
What is Faena Residences Miami?
Faena Residences Miami is planned for a 14-acre site at 24 SW Fourth Street, across from Brickell City Centre, with about 300 feet of Miami River frontage, according to Bisnow. The developers, Fortune International Group and Kar Properties, plan two 68-story towers with 434 condo units, joined by a three-story bridge on the upper floors that would house a cultural center. Bisnow reported that unit sales have passed $500 million and that completion is targeted for early 2030. A Walker & Dunlop team arranged the financing.
The project has changed shape over time. Kar Properties first proposed it in 2014 as One River Point, Fortune joined in 2022, and the 2024 plan called for two 60-story towers with 440 units, Bisnow reported. The current plan is taller, with six fewer units.
How large is the Faena loan compared with other Florida loans?
Bisnow reported that the $817 million loan passed the previous Florida records of $772 million, a loan to Related Ross last year, and $668 million, a 2024 loan to Property Markets Group. Tyko, a private credit manager founded three years ago, also made a $565 million long-term loan on the 830 Brickell office tower in 2024, according to the same report.
What is planned at 1250 West Avenue in Miami Beach?
Commercial Observer reported that the $507 million Tyko loan funds a 330-foot, 28-story tower with 106 condo units at 1250 West Avenue. The developers are Terra, led by David Martin, with GV Development, LORE Development Group and RG Development Group. The tower has no brand attached, and pre-sales are to start next year.
The new building replaces a 15-story condo built in 1964 with 238 units, which Terra bought out for $120 million last year, according to the report. That means the site will go from 238 older units to 106 new ones, a net loss of 132 homes on the site.
How do these projects fit the current Miami resale market?
Both projects add supply years from now, not this season. For context on today's market, our October Miami Market Pulse counted 1,732 Miami-Dade residential closings at a median $550,000 and 50.5 days on market, across all property types. Across the full Miami MLS feed, which also covers Broward County, 548 of 3,517 October closings, 15.6%, sold for $1 million or more, and the median home closed at 94.3% of its original list price.
| Measure | Figure | Source |
|---|---|---|
| Faena Residences Miami construction loan | $817 million, 434 units, early 2030 target | Bisnow, October 29, 2026 |
| 1250 West Avenue construction loan | $507 million, 106 units, pre-sales next year | Commercial Observer, October 8, 2026 |
| Miami-Dade closings, October 2026 | 1,732 at a median $550,000 | Momentum Market Pulse |
| Miami MLS feed closings at $1 million or more, October 2026 | 548 of 3,517 (15.6%) | Momentum Market Pulse |
Fortune International Group, Faena's co-developer, also secured a $463 million financing package for St. Regis Residences in Sunny Isles Beach on October 26; our Sunny Isles Beach condos piece covered that deal and the resale listings around it. Bisnow, citing a September Knight Frank report, put the number of branded condo projects under construction in Miami at 42, with 73 more planned.
What should Miami condo buyers and owners watch?
Buyers in both projects would wait years for delivery, and neither report published unit prices. Resale condo owners in Brickell, downtown and South Beach will see these towers marketed against existing buildings for several years. Our Miami-Dade condo price cuts piece covers the resale side, the Florida condo special assessments guide covers inspection and reserve rules, and the Miami-Dade condo communities page lists existing buildings. Upcoming towers are tracked on our coming-soon communities page. Place pages: Miami, Miami Beach and Sunny Isles Beach.
People also ask
What is the largest construction loan in Florida? Bisnow reported on October 29, 2026 that Tyko Capital's $817 million construction loan for Faena Residences Miami is the largest construction loan ever recorded in Florida, ahead of a $772 million loan to Related Ross.
When will Faena Residences Miami be finished? The developers target completion in early 2030 for the two 68-story, 434-unit towers at 24 SW Fourth Street, according to Bisnow's October 29, 2026 report.
What is being built at 1250 West Avenue in Miami Beach? A Terra-led group plans a 28-story, 330-foot tower with 106 condo units, financed by a $507 million Tyko Capital construction loan, replacing a 238-unit condo built in 1964, Commercial Observer reported on October 8, 2026.
What is the median home price in Miami-Dade County? Miami-Dade recorded 1,732 residential closings in October 2026 at a median $550,000 and 50.5 days on market, according to the Momentum Market Pulse built from Miami MLS records.
Limitations
Loan amounts, unit counts, timelines and sales figures for the two projects are as reported by Bisnow and Commercial Observer and were not independently verified; plans can change before construction is complete. Neither report gave unit prices for these two projects. Market Pulse figures cover all residential closings recorded in the Miami MLS (SEFMLS); the $1 million share covers the full feed, Miami-Dade and Broward together. Information is deemed reliable but not guaranteed.
Sources
- Bisnow, "Tyko Capital Sets New Record For Florida's Largest Construction Loan," October 29, 2026: https://www.bisnow.com/news/national/capital-markets/tyko-capital-817m-construction-loan-faena-condos
- Commercial Observer, "Terra-Led JV Lands $507M Construction Loan for South Beach Condo Before Pre-Sales," October 8, 2026: https://commercialobserver.com/2026/10/terra-1250-west-miami-south-beach-tyko-gianluca-vacchi/
- Bisnow, report on Madison Realty Capital financing for St. Regis Residences Sunny Isles Beach, October 26, 2026: https://www.bisnow.com/news/south-florida/capital-markets/madison-realty-capital-fortune-international-st-regis-sunny-isles-beach
- Momentum Market Pulse, Miami, October 2026 edition, Momentum Research report built from Miami MLS (SEFMLS) records (listing information provided by the Southeast Florida MLS / MIAMI Association of REALTORS), updated November 12, 2026.
- Miami market data hub, Momentum Research.
Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.
Market statistics in this article are computed from MLS data licensed by Momentum Realty, and are current as of the date shown. Data may be preliminary and subject to revision by its source. This article is general information, not advice about any specific property, transaction, or financial decision, and is not a representation about any specific property, community, builder, or association.
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