Miami-based luxury developer Ytech recently secured $78 million in financing for The Residences at 1428 Brickell, a 70-story condominium tower that has already sold 40% of its 189 units. Cervera Real Estate is handling sales.  

Linkvest Capital provided $78 million in refinancing for a first mortgage at 1428 Brickell Ave., replacing the original $20 million acquisition loan for the site. Additionally, Banesco contributed $26 million in first mortgages for 1500 Brickell Ave., which is a historic mansion Ytech purchased several years ago, and 1548 Brickell Ave., where the sales gallery for The Residences is located.

1428 Brickell has received approvals from Miami’s Urban Development Review Board and various other permits. Demolition of the existing site has commenced ahead of the official groundbreaking. Completion is slated for 2027. 

Condos at 1428 Brickell are priced from $2 million to $7 million. All will be fully finished with two to four bedrooms and range from 1,800 to 4,000 square feet.  

The tower is topped by a $60 million penthouse with 30-foot ceilings, seven bedrooms, nine bathrooms and two east-facing balconies overlooking Biscayne Bay. The tower also offers lower penthouses starting at $8 million and ranging from 4,000 to 10,000 square feet. 

There will also be over 80,000 square feet of amenities in three of the upper floors of the tower, including a 10,000-square-foot fitness center, a rooftop pool and atrium, a two-story wine and fine art lounge, office suites, a private dining room with a Vaselli kitchen, a spa, a children’s recreation and learning center and fully furnished, private guest suites. 

“We continue to successfully hit our targets in sales, finance and construction for this project, surpassing 40% in sales within a year, securing $104 million in financing and commencing the demolition process,” said Yamal Yidios, CEO of Ytech. “As we approach groundbreaking, we are determined to deliver the highest-quality project in Brickell.”