Bank OZK recently extended a $328 million construction loan for the development of Baccarat Residences Miami, a luxury condominium tower underway on Brickell Avenue.  

Berkadia South Florida arranged the floating-rate loan for the developers, Related Group and GTIS Partners. 

The 75-story project, which is situated at the confluence of the Miami River and Biscayne Bay, launched in late 2021 and is now more than 95% sold; construction began in October and is expected to conclude in early 2028. 

“Despite a shifting capital markets environment, Related and GTIS continue to shape the skyline of this leading global city,” said Scott Wadler, managing director of Berkadia South Florida. “The tower’s strong pre-sale commitments underscoring Miami’s market fundamentals, coupled with the sponsors’ proven track record of success in the immediate submarket, created a compelling lending opportunity to capitalize Brickell’s most distinguished new address.” 

The 355-unit development is the sister property to Baccarat Hotels & Residences NYC. The main tower’s residences begin on the 15th floor, with the top three floors dedicated to eight penthouses. Twenty-eight flats and duplexes front the Miami River and a waterfront promenade. 

Residents will have access to over 75,000 square feet of five-star amenities, including social spaces, a health and fitness center, La Mer spa facilities, private marina with a residents’ yacht and pool deck. SH Hotels & Resorts will manage the property, which will also have a curated collection of art.