Fortune International is handling marketing and leasing and reports that 98% of the residential and retail space is pre-sold. Residential units average 1,096 sf, and, according to published reports, pre-construction prices ranged from the $200,000s to more than $4 million.

Manny de Zarraga, executive managing director, and Kimberly Flores, associate director of the local office of Holliday Fenoglio Fowler, arranged for a $130.4-million construction loan from Chicago-based Corus Bank. Brian Brodeur, Corus SVP, led the effort. He says Corus is one of few banks able to make a loan of this size without bringing in other participants. The bank, he continues, "was able to rely on the project's 98% pre-sales and the borrower's successful track record in order to offer the loan on a non-recourse basis." Key also obtained a $13-million mezzanine loan from Mellon Bank. Terms of the funding are undisclosed.

At full development, the Ivy at Riverfront will contain more than 1,500 residential units in addition to office and retail space. It is also designed to be part of a 13.5-acre gated community, Brickell River Village, according to Inigo Ardid, VP of Key, which is owned by the Ardid family. The Ivy project has approximately 600 feet of water frontage along the north bank of the Miami River and will be connected to the 5.5-mile river walk.

"The Ardid family has demonstrated an uncanny ability to acquire prime waterfront sites for residential development," de Zarraga says. According to public records, Key acquired the seven acres from St. Augustine-based Florida East Coast Industries in late 2003 for $18 million.