MIAMI-Locally based the Rilea Group has secured a $172.5-million construction loan for 1450 Brickell Ave., a 588,191-sf, 35-story office tower at the northwest corner of Brickell Avenue and Broadway.

Construction began early this year on the project, which is expected to open in 2009. The lead lender for the financing is Spain-based savings bank group Bancaja. Banco De Sabadell, Colonial Bank, Banco de Credito E. Inversiones and Pacific National Bank are also participating in the loan. Attorney Edgar Lewis, of Gunster Yoakley & Stewart, P.A., represented the lender in the transaction. Lewis tells GlobeSt.com that the Rilea Group had a prior relationship with the lender, which provided funding for One Broadway Brickell, a 36-story, 371-unit residential development adjacent to 1450 Brickell. "Having a past relationship helped with obtaining the financing," Lewis says. "The most challenging aspect of getting the loan was coordinating all five banks involved."

The project, located on S.E. 15th Road across from the Four Seasons, includes 9,382 sf of ground-floor retail space. It will have panoramic views of Downtown Miami and Biscayne Bay, 10 high-speed tower elevators, a sundeck garden, on-site parking, 24-hour manned security and high-impact wind resistant glass throughout the building. It was designed to complement One Broadway Brickell. The architect on the project is Coral Gables-based Nichols Brosch Wurst Wolfe & Associates Inc. Leasing is being handled by Cushman & Wakefield.