Last Friday, Ugo Colombo’s CMC Group closed on a $236 million construction loan for Brickell Flatiron. The 64-story, 549-unit condo tower is currently under construction in Miami's Brickell Financial District and is scheduled to be completed in 2019. Brickell Flatiron is over 60% sold and are under hard contract, bringing the total sales volume to over $300 million. This follows large construction loans recently closed on by major developers such as the $225 million loan for the Zaha Hadid designed One Thousand Museum and $285 million loan for PARAMOUNT Miami Worldcenter.
"CMC Group’s construction financing for Brickell Flatiron is a reflection of rising demand for well-located properties in Miami’s urban core, and Ugo Colombo's long track record of building the most sought-after condos in Miami – dating back to Bristol Tower, Santa Maria, Grovenor House and Epic Residences. Now more than ever before, today’s lenders are putting added emphasis on properties benefitting from a well-capitalized sponsor, and CMC Group has proven its ability to deliver many of Miami’s most valuable, landmark towers over the past 25 years,” said Jim Shindell, co-chair of the real estate group at Bilzin Sumberg and the attorney who represented CMC Group in securing the construction loan.
Brickell Flatiron is a 64-story, 549-unit luxury condominium tower from famed Miami developer Ugo Colombo and his CMC Group. It will be among the tallest residential towers in the United States when completed, rising 736 feet. The tower was designed by Luis Revuelta with an iconic flatiron shape with interiors by Massimo Iosa Ghini of Italy’s Iosa Ghini Associati. Units range from 1 to 5 bedrooms starting at $500,000 and ranging up to $15.5 million for penthouses. All units will be adorned with the finest finishes, including Italian-made custom cabinets, stainless steel appliances, Italian marble floors, high ceilings with recessed lighting, custom Italian doors, energy-efficient windows, and glass balcony railings. Brickell Flatiron's amenities include an 18th floor amenity deck with a resort style pool, 24-hour concierge, billiard and cigar room, wine cellar, valet, electric car charging stations and a 64th-floor rooftop that will feature a Sky Spa, Sky Pool and Sky Gym along with stunning 360 views of Biscayne Bay, Brickell, Downtown Miami, Coral Gables, etc.