Journal · In the News
By Josh Stein · Florida license SL3057661 · Updated 2 November 2026
On the record: Commercial Observer reported on 28 October 2026 that Fortune International Group and KAR Properties secured an $817 million construction loan from Tyko Capital for Faena Residences Miami, at 24 SW 4th Street, facing the Miami River. Walker & Dunlop arranged it. This is the river in downtown Miami, not the ocean and not Biscayne Bay.
Who says it’s the largest
Keith Kurland of Walker & Dunlop, which arranged the loan, told Commercial Observer on 28 October 2026 it was “the largest construction loan in Florida’s history.” The Real Deal called it the largest condo construction financing in the state’s history on 30 October 2026. The figure to beat was Related Ross’s $772 million for two West Palm Beach office towers, which its own release called the largest ever recorded in Florida on 17 December 2025. I found nothing larger, but I haven’t checked every lender, so that claim is theirs, not mine.
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Last updated November 2, 2026, 4:33 pm
What the county record shows
The Miami-Dade Property Appraiser, pulled 1 November 2026, shows folio 01-0113-050-2010 as 1.8 acres of vacant commercial land, owned by ORP Partners LLC, which bought it on 26 October 2022 for $58,848,000. The record doesn’t name Fortune or KAR. Commercial Observer’s 28 October 2026 story puts the 2022 purchase at the same $58.8 million.
What’s planned
Commercial Observer reported on 28 October 2026 that there will be two 68-story towers with 217 units each, while The Real Deal said 440 units the same day and Bisnow described 60 stories in October 2024. Faena’s site names Rafael Viñoly Architects. The Real Deal reported on 28 October 2026 that the release expects completion in early 2030. Bisnow reported phased delivery by 2029 in 2024, so the target has moved.
Commercial Observer reported more than $500 million in sales on 28 October 2026, according to the sponsors, including a $30 million penthouse. I haven’t verified that number. The Real Deal wrote the same day that the loan means the developers will begin building, and I found no source with a groundbreaking date. I also found no current starting price from a primary source as of 1 November 2026, and the loan’s rate and term haven’t been published.
Why I look at the money first
When a client asks me about a new tower, I look at the money before the kitchen. A closed construction loan speaks to the first question buyers ask me about pre-construction: will it get built? It’s not a guarantee, it doesn’t lock in a date, and it doesn’t change a word of your contract. I’d ask which tower your home is in, how your deposit is held, and what delivery date the contract says. And if the water matters to you, ask what the home actually looks at, since this site is on the river.
Where to go from here
For another recent loan, see my post on the St. Regis Sunny Isles Beach financing. The free Miami Buyer’s Guide shows what buyers paid on the county record.
Josh Stein is a sales associate with LoKation Real Estate. Questions about the Miami River projects? Call or WhatsApp (305) 695-8257.
Sources: Commercial Observer, 28 October 2026; The Real Deal, 28 and 30 October 2026; Related Ross release, 17 December 2025; Bisnow, 24 October 2024; Faena project page; Miami-Dade County Property Appraiser, pulled 1 November 2026. All read 1 November 2026. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. Renderings are artist’s conceptions; prices, plans and features are the developers’ and subject to change. Josh Stein is not the developer or its agent.
How has your building held its value? The Miami Condo Index ranks Miami condo buildings by their county sale records: real price per square foot, turnover and four-year change.