Faena Residences Lands an $817M Loan, a Florida Record in 2026
Fortune International Group and KAR Properties closed an $817 million construction loan for Faena Residences Miami on the Miami River, the largest condo construction loan in Florida history, according to The Real Deal on October 28, 2026. At LuxuryDade I read that number as a delivery signal rather than a price signal, because the lender underwrote 440 units at 24 Southwest Fourth Street before a shovel moved. Ask any Miami tower for its loan closing date before you read its brochure delivery date.
A construction loan is the moment a Miami tower stops being a rendering. On October 28, 2026, The Real Deal reported that Fortune International Group and KAR Properties closed an $817 million construction loan from Tyko Capital for Faena Residences Miami, the two-tower, 440-unit project on the Miami River. The release calls it the largest condo construction loan in Florida history. For anyone holding a contract in a South Florida tower, that is the single most checkable fact in pre-construction, and I walk through where to find it in my Miami pre-construction buyer guide for 2026. Below is what the $817 million actually funds and how it compares to the rest of this year.
What the $817 Million Loan Actually Funds in 2026
The financing lets the developers begin building, which is the practical meaning of a closed construction loan. According to The Real Deal, Tyko Capital is providing the money and Walker and Dunlop arranged it. The project has been in the works for more than a decade: KAR Properties previously planned One River Point on the same parcel, brought Fortune International Group in as a joint venture partner in 2022, and launched the Faena-branded project in 2024.
Here is what the loan is building at 24 Southwest Fourth Street:
- 440 residences across two towers on the Miami River
- A three-story sky bridge connecting the two towers
- Faena Rose, a 45,000-square-foot community center anchoring the development
- Completion expected in early 2030, per the October 2026 release
- More than $500 million in presales already reported, including a $30 million penthouse presold in summer 2026
Tyko Capital Funded Three South Florida Condo Towers in 2026
Faena is not an isolated deal. The same New York lender has been the most visible construction lender in South Florida condo development this year. I compiled the three loans The Real Deal has reported from Tyko Capital in 2026 into one table, because seeing them together is what makes the $817 million figure legible.
| Project | Loan amount | Reported | Sales status at close |
|---|---|---|---|
| Faena Residences Miami (Miami River) | $817 million | October 28, 2026 | More than $500 million presold, 440 units |
| 1250 West Avenue (Miami Beach) | $507 million | October 8, 2026 | Sales not yet launched, expected 2027 |
| Icon Beach Waterfront Residences (Hollywood) | $360 million | April 23, 2026 | Under construction |
Table compiled by LuxuryDade from The Real Deal reporting on each loan. Faena Residences Miami at $817 million is larger than the other two combined. The spread also shows how differently a lender will treat the same asset class: one tower funded with half a billion in presales behind it, another funded before a single contract printed. I unpack that second pattern in my post on Miami condo construction loans closing before presales.
Why I Read the Loan Date Before the Brochure Date
My advice on Faena Residences Miami, and on any two-tower project this size, is to put the delivery date and the loan date side by side. The October 2026 release puts completion in early 2030. Earlier in 2026 the project carried a 2029 window. That is not a scandal, it is what happens when a decade-old site finally gets funded and the builder prices a real schedule instead of a marketing one. But it is the kind of shift a buyer only notices if they are reading the financing announcements, not the sales gallery.
When a client asks me whether a record loan makes a contract safer, I give them the honest split. A closed loan retires construction-start risk, which is the risk that quietly kills Miami towers. It does nothing for delivery-date risk, assessment budgets, or whether your specific line and floor resells well. Those are separate questions, and I work through the building-level ones with clients using my framework for evaluating a condo building's financial health.
The practical move is simple. Get the lender name, the loan amount and the closing date in writing, then read the outside date in your own purchase agreement. The brochure date is an estimate. The outside date is the one that binds the developer, and it is usually a lot further out than buyers expect.
What Faena's Record Means for Miami Buyers in 2026
Capital is still reaching the top of the South Florida condo market, and it is reaching it at record size. That matters more than any single price headline, because financing is the constraint that decides which announced towers actually rise. Faena Residences Miami spent more than ten years as a site and a plan. It took an $817 million loan to turn it into a construction schedule.
It also lands inside a specific trend. The Real Deal counts at least 66 branded condo developments with roughly 15,000 condo and condo-hotel units in the South Florida pipeline, and reports that brands can carry a markup of 20 to 30 percent. Faena Residences Miami is the second Faena-branded mixed-use development in South Florida after the Faena District in Miami Beach. Buyers paying a brand premium should be asking what the brand delivers on the ground, not just on the facade.
For a buyer deciding this quarter, the sequence I recommend has not changed: confirm financing, read the outside date, price the carrying costs, then negotiate. I lay the whole sequence out in my step-by-step Miami pre-construction buying process, and the Faena news is a clean example of why step one comes first.
"An $817 million loan tells you the tower will get built. It does not tell you when you get keys. I put the loan closing date and the outside date in my contract side by side for every client, because those two dates, not the brochure, are what a pre-construction purchase actually rests on." Gerardo Gonzalez, Licensed Real Estate Agent at Compass
Frequently Asked Questions
Related Articles
- Miami Condo Construction Loans Are Closing Before Presales
- Faena Residences Miami: Floor Plans and Prices
- How to Evaluate a Miami Condo Building's Financial Health
- Miami Pre-Construction Buying Process, Step by Step
Looking at Faena Residences Miami or another funded Miami River tower? I can pull the financing record, the outside date in the contract and the real carrying costs before you sign anything.
Schedule a Consultation with Gerardo GonzalezPrefer to talk? Call me at (305) 964-8614
Read the Complete Miami Pre-Construction Buyer Guide 2026 →
Data sources: The Real Deal, Faena Residences on the Miami River scores $817M construction loan (October 28, 2026); The Real Deal, David Martin gets $507 million Miami Beach construction loan (October 8, 2026); The Real Deal, Related Group and BH Group nab $360 million construction loan (April 23, 2026); The Real Deal, Mapping South Florida's branded condo boom (October 19, 2026). Information compiled from sources deemed reliable but not guaranteed; readers should verify current pricing, financing and delivery timelines directly.
Information as of October 30, 2026. This article is for informational purposes only and does not constitute financial or investment advice.