Tyko Capital provided an $817 million construction loan for Faena Residences Miami. Walker & Dunlop, the arranger, describes the financing as the largest condominium construction loan in Florida.
Bisnow’s October 29 report identifies Fortune International Group and Kar Properties as developers of the Miami River project. It describes two 68-story towers with 434 units and planned completion in early 2030. The reported presales exceed $500 million. Presale contract value differs from collected cash, borrower equity and net proceeds available to repay debt.
The sources reviewed do not disclose total project cost, the loan’s rate or term, loan-to-cost, deposit collections or detailed buyer contract provisions. This Faena financing is a different project from the earlier Terra/1250 West Avenue coverage.
Implications: A large financing and signed sales contracts are evidence of capital and sales activity, but they do not eliminate completion or buyer-closing risk. Evaluate funded costs, interest carry, deposits, cancellation provisions and expected closing proceeds over the construction period. A planned completion date is a target, not a guarantee.
Bisnow’s October 29 report identifies Fortune International Group and Kar Properties as developers of the Miami River project. It describes two 68-story towers with 434 units and planned completion in early 2030. The reported presales exceed $500 million. Presale contract value differs from collected cash, borrower equity and net proceeds available to repay debt.
The sources reviewed do not disclose total project cost, the loan’s rate or term, loan-to-cost, deposit collections or detailed buyer contract provisions. This Faena financing is a different project from the earlier Terra/1250 West Avenue coverage.
Implications: A large financing and signed sales contracts are evidence of capital and sales activity, but they do not eliminate completion or buyer-closing risk. Evaluate funded costs, interest carry, deposits, cancellation provisions and expected closing proceeds over the construction period. A planned completion date is a target, not a guarantee.
Key Takeaways
- The verified record applies to Florida condominium construction loans. Assess deposits, contract terms and completion risk separately from headline presale value.
Walker & Dunlop — Faena Residences closed transaction: https://www.walkerdunlop.com/closed-deals/faena-residences · Bisnow — Tyko Capital Sets New Record for Florida’s Largest Construction Loan, October 29, 2026. Record scope corrected to condominium construction loans using arranger disclosure.
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