Rendering courtesy of Fortune International Group and KAR Properties/Binyan Studios, via Commercial Observer.
**MIAMI: ** Faena Residences Miami is scheduled to begin construction this month, following the close of an $817 million construction loan that sets a new Florida record. The financing milestone, announced October 28, gives the two-tower Miami River project a major source of construction capital as it moves from years of planning toward a scheduled November start.
The loan was provided by Tyko Capital to developers Fortune International Group and KAR Properties. Commercial Observer and Bisnow reported the $817 million financing as the largest construction loan in Florida history. Walker & Dunlop, which arranged the financing, also describes it as the largest condominium construction loan recorded in the state.
The immediate story is not simply that another luxury project has been announced for downtown Miami. The record-sized loan has closed, and the developers’ next stated milestone is construction.
A record financing closes
Commercial Observer reported that Tyko Capital’s $817 million loan was announced on October 28. Walker & Dunlop’s closed-deals page confirms that its Capital Markets team arranged the financing for Fortune International Group and KAR Properties, with Tyko Capital providing the loan.
The financing surpasses the previous Florida construction-loan record cited by Commercial Observer: a $772 million loan for two planned office towers in West Palm Beach. The publication reported that the prior financing was arranged for Related Ross. Bisnow also identified the Faena loan as the new statewide record, making clear that the distinction is based on loan size, not the total cost of the project or the value of all development underway in Florida.
The $817 million loan is a significant project-specific financing commitment, but it should not be confused with a guarantee of completion. Construction schedules can shift, and the available reports do not establish the project’s full development budget or specify every condition and draw schedule attached to the loan.
Two 68-story towers planned for the riverfront
Faena Residences is planned for 24 SW Fourth Street, on the Miami River across from Brickell City Centre. Commercial Observer reports that Fortune International Group and KAR Properties are developing the site, with Rafael Viñoly Architects responsible for the design.
The current plan described by Commercial Observer and Bisnow calls for two 68-story towers, with 217 residences in each-434 units combined. Bisnow reports that the towers are to be linked by a multilevel bridge, including space for the Faena Rose cultural center and related amenities. The proposal places a substantial residential development directly along the river, in a downtown area already shaped by new towers and changing uses of the waterfront.
Official project rendering from Fortune International Group.
The developers’ plans build on a long-running effort to develop the property. Bisnow reports that KAR Properties first proposed a project for the site in 2014, and that Fortune International Group joined as a partner in 2022. The design and project specifications have evolved since early versions, making the current financing and construction schedule the most consequential near-term milestones.
November start is scheduled, not yet proof of groundbreaking
As of Sunday, November 1, the construction start is scheduled for this month. The South Florida Business Journal reported October 28 that groundbreaking was planned for November. That is a forward-looking schedule: the loan’s close is confirmed by the financing reports, while an announced start date does not by itself confirm that work has begun on site.
Completion estimates also vary slightly by source. Bisnow reports that Faena Residences is expected to rise by early 2030, while Commercial Observer describes completion as expected in 2030. Those accounts are broadly consistent, but “early 2030” is more specific than the general 2030 timeline. Both are projections, not a confirmed delivery date.
The developer’s project page currently lists completion in 2029 and describes 440 residences. That differs from the 434-unit count and early-2030 schedule in October 2026 financing coverage. Bisnow notes that the plans have changed since earlier versions of the project, which included 440 units. For now, the most recent financing reports support describing the active plan as 434 units, while the developer’s public-facing page retains different specifications. The difference should be treated as a discrepancy, not silently reconciled.
Official project rendering from Fortune International Group.
Presales top $500 million, according to sponsors
The project has generated more than $500 million in sales to date, according to the sponsors, as reported by Commercial Observer and Bisnow. Commercial Observer said that total includes a $30 million penthouse purchase. The publications attribute the figures to the developers; they are not independent measures of completed closings or construction progress.
Presales matter in the context of the financing, but they are only one part of the picture. Walker & Dunlop’s Keith Kurland told Commercial Observer that presales and the project’s design helped make it attractive to construction lenders. Tyko Capital founder and CEO Adi Chugh, quoted in Bisnow’s report, described the loan as reflecting confidence in the project and the Miami condominium market.
Those comments explain how the deal’s participants view the financing. The record loan and sales tally do not, on their own, predict the eventual market performance of the residences or establish how quickly construction will proceed.
A major addition to a changing river corridor
The planned towers add another high-profile development to Miami’s riverfront and downtown skyline. Their location across from Brickell City Centre places them close to an established concentration of residential, retail and office uses, while the project’s design includes a direct relationship with the Miami River.
That makes the construction start relevant beyond the project’s future residents. The progress of a two-tower development of this scale can affect the pace and character of change along the river corridor. Still, the loan is a financing milestone for one site, not a measure of the wider housing market, regional affordability or the environmental questions facing South Florida, from the Miami River to the Everglades.
Official project rendering from Fortune International Group.
What to watch next
The next concrete test is whether the scheduled November start translates into visible work at 24 SW Fourth Street. After that, the key checkpoints will be construction progress, any updates to the unit count and delivery schedule, and whether the reported sales momentum continues as the development advances.
For now, the headline is precise: Tyko Capital’s $817 million construction loan has closed, and Fortune International Group and KAR Properties are scheduled to start building Faena Residences this month. If the November schedule holds, the two planned 68-story towers will move from renderings and financing announcements into the construction phase, on a Miami River site now backed by the largest construction loan reported in Florida history.
