R
elated Group, Rockpoint, and Two Roads Development have secured a massive construction loan of $424 million from Tyko Capital to build Rivage Residences, a luxury oceanfront condo project in Bal Harbour. The developers plan to complete the 24-story, 56-unit building at 10245 Collins Avenue by 2027. Construction began in September after the developers completed a bulk buyout and condo termination of the previous building on the site.

    The financing marks one of the largest condo construction loans to close recently in South Florida. Tyko Capital has also provided funding for other high-profile projects, including a $527 million loan for Related Group's St. Regis Residences, Miami condo project. Despite challenging market conditions, lenders are still investing in condo projects due to developers' ability to tap into buyers' deposits.

    Rivage Residences has secured over $100 million in presales in the last two months, with prices starting at $10 million for units ranging from 3,300 square feet to nearly 13,000 square feet. The penthouse is listed for $75 million and will feature amenities such as a fitness center, hammam spa, and pickleball courts.

    The new development condo market continues to surge, with Related Group leading the way in South Florida. The company has several projects underway, including the St. Regis Resort and Residences, Bahia Mar condo project in Fort Lauderdale, which launched sales recently with prices starting at $4.4 million. In West Palm Beach, Related Group secured approval for the Ritz-Carlton Residences, a 26-story, 138-unit condo planned for 1717 North Flagler Drive.