MIAMI—Property Markets Group just won a $123.6 million senior construction loan for Echo Brickell, a 57-story luxury residential condo development in the heart of Downtown Miami's Brickell Financial District. Canyon Capital Realty Advisors offered the funds.

Ronald Muzii, Jr., South Florida-based senior director with Canyon, called the condo development an “iconic addition to the Brickell skyline." Echo Brickell is currently over 80% presold, and groundbreaking will begin immediately with delivery set for 2017.

“We expect the developer will deliver the highest quality residential experience available in Brickell today and look forward to working with them and their team,” says Muzii. “As the 12th investment in Florida in the last four years and the third major debt transaction in the Brickell submarket, the Echo Brickell transaction demonstrates Canyon Realty's commitment to invest in this community.”

Canyon previously offered a $130 million senior construction loan for 600 Brickell, a class A office tower also known as Brickell World Plaza, and a $28 million construction loan for BrickellHouse, a 46-story, 374-unit luxury condominium property. Canyon director says his firm closed the deal in 45 days.

“Canyon moved extremely quickly to underwrite the deal and issue a term sheet in a matter of days. The execution was similar to that of BrickellHouse, our last transaction, which is now coming full circle and is closing units,” says Eric McGlynn, director of Cohen Financial's Miami team. Cohen advised PMG on the loan.

“Miami's being an important US gateway city and attraction to international buyers enabled the market to come back more quickly and strongly than most cities in the US, eliminating excess supply resulting from the downturn,” Robert Vahradian, senior managing director of GTIS, which formed a joint venture to build Biscayne Beach, tells GlobeSt.com. “It took a while, but more lenders are now recognizing the strength of the market and like the risk-mitigation resulting from buyer pre-sales with high deposit levels.”