JPMorgan, Sculptor Lend $565 Million for Solar-Powered Condo Tower in Miami

Real estate developer Ytech landed a $565 million construction loan from JPMorgan Chase & Co. and Sculptor Real Estate for a high-rise condo tower in Miami’s Brickell neighborhood.

The loan will help Ytech finish building The Residences at 1428 Brickell, a 70-story tower that will host 195 condos. JPMorgan is the senior lender and Sculptor is the junior, according to a statement.

The condos start at $4.4 million and reach $60 million for two upper penthouse units that boast seven bedrooms, nine bathrooms and balconies overlooking Biscayne Bay. More than 60% of the units are already sold.

Developers flocked to Brickell in recent years, erecting luxury residential projects — including the Baccarat Residences and 888 Brickell by Dolce & Gabbana — that have transformed the city’s business district into a vertical playground for the wealthy. Ytech alone has a $3 billion project pipeline in the neighborhood.

“Brickell is at the center of Miami’s growth on the world stage,” Ytech Chief Executive Officer Yamal Yidios said in emailed comments. “As Brickell shapes Miami’s future, buyer expectations continue to rise.”

The tower includes plans for a 20,000-square-foot solar power system made of energy-producing glass spanning the structure’s west-facing facade. It could produce up to 175,000 kilowatt hours of energy per year, which will be used to offset a portion of the building’s common-area energy consumption.

Miami-based Ytech has developed over 7,000 residential units across 25 cities in the southeastern US, according to the company. Its next project in Brickell is a 54-story luxury condo called Seven Broadway. Other work in the area includes the redevelopment of a 100-year-old mansion on Brickell Avenue and a nearby French château-style building that now hosts a Mexican fine-dining restaurant.

JLL Capital Markets represented the borrower in arranging the financing.