Edgardo Defortuna’s Fortune International Group acquired two homes in Miami’s Brickell community for $31. 2 million, where the developer will build the 533-unit Casa Tua condominium tower.
In the largest transaction, Miami-based Fortune International paid $30 million for the construction of seven stories at 1210 Brickell Avenue. The 248,533-square-foot building, completed in 1982, spans an acre at the corner of 13th Street Southeast. , the developer acquired the 8,798-square-foot land surrounding the neighboring construction at 1200 Brickell Avenue for $1. 2 million.
Florida-based Amerant Bank secured a $36. 1 million pre-development loan. Scott Wadler and Michael Basinski of Berkadia settled the debt.
Called Ora through Casa Tua, the 77-story progression will be the first to bring the Casa Tua brand, a popular Italian culinary concept founded in Miami. Sales will begin in 2023 and the structure is expected to begin in 2025.
Despite the cooling of the condo market in Miami since the height of the pandemic, luxury projects in Brickell continue to progress and find financing, thanks to strong pre-sales. In February, Mast Capital secured $600 million for the luxury development of the Cipriani brand. complex. A month later, Related Group secured $328 million for the 75-story Baccarat-branded tower.
Julia Echikson can be reached at jechikson@commercialobserver. com.
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