At a glance
- The new loan more than doubles the debt secured by the 0.3-acre site Ytech assembled for $8.2 million, property records cited by Commercial Observer show.
- For a lender or family office underwriting the pre-development debt, the $42 million loan works out to about $396,000 per residence before construction spending, against a land basis of roughly $77,000 a unit.
- Sales opened last week, with prices starting at $3 million for residences at 41 and 75 Southwest 15th Road, two blocks west of Brickell Avenue, Commercial Observer reported.
Ytech obtained a $42 million pre-development loan from Linkvest Capital's affiliate LV Lending for 75 Broadway, a 52-story, 106-unit condo tower planned in Miami's Brickell district, Commercial Observer reported Nov. 13.
The new loan more than doubles the debt secured by the 0.3-acre site Ytech assembled for $8.2 million, property records cited by Commercial Observer show. It replaces a $19.5 million pre-development loan from Israel Discount Bank, according to the outlet.
For a lender or family office underwriting the pre-development debt, the $42 million loan works out to about $396,000 per residence before construction spending, against a land basis of roughly $77,000 a unit. That is more than five times the land basis for a tower that will not deliver until late 2029.
Sales opened last week, with prices starting at $3 million for residences at 41 and 75 Southwest 15th Road, two blocks west of Brickell Avenue, Commercial Observer reported. Zoning allowed nearly 300 residences, and Ytech chose 106 for larger units and privacy, founder and CEO Yamal Yidios said in a statement.
Linkvest also provided a $78 million pre-development loan in 2024 for 1428 Brickell, the 70-story tower that secured $565 million of construction financing about a year ago, Commercial Observer reported. In a separate South Florida condo debt deal, as Private Wealth Daily previously reported, a $27.9 million loan cleared the construction debt on a 22-unit Fort Lauderdale tower in September.
Debt per unit is five times the land basis
Dollars per residence at 75 Broadway: $42M loan and $8.2M site cost over 106 units
Debt per unit
$396K
Land per unit
$77K
Pre-development debt is more than five times the land cost, before construction.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections