Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group have secured  a $400 million construction loan from Madison Realty Capital for Residences at Six Fisher Island, a 10 story, 50 unit luxury condo. Madison Realty Capital's loan replaces the $85 million acquisition loan the firm originated in 2022. The project is set to begin construction this summer, with completion slated for 2026.

Berkadia South Florida arranged the nine-figure loan, with efforts led by Managing Director Scott Wadler, Vice President Michael Basinski, and senior associate Patrick Johnson, as well as Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matthew Robbins.

Built on the last available development parcel on Fisher Island's Northeastern shoreline, The Residences have generated more than $500 million in sales since launching in late 2022. Two of the property's penthouses sold earlier this year for a combined total of $150 million, with remaining inventory targeting prices north of $4,000 per square foot.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.