news > article
Florida East Coast Realty's $425M Panorama Tower refi is among city’s biggest
Feb 06, 2019
$425 million refinancing of Panorama Tower, one of the largest such loans in Miami in recent years.
Wells Fargo financed the new debt, which replaces the $340 million construction loan the bank provided on the 85-story tower in 2015. It was one of the largest construction loan in Miami-Dade at the time.
FECR, led by Tibor Hollo and his sons Jerry and Wayne Hollo, completed the 1.3 million-square-foot skyscraper last summer. Its TWJ 1101 LLC closed on the five-year, 42 percent loan-to-value loan on Thursday, a spokesperson said.
The law firm Rosenthal Rosenthal Rasco announced the refinancing. Founding partner Kerry Rosenthal represented the downtown Miami-based developer on both the construction loan and refinance.
The project, at 1101 Brickell Bay Drive, includes 821 luxury apartments with more than 45,000 square feet of residential amenities, a 208-room Hyatt Centric hotel, 70,500 square feet of office space, 47,360 square feet of retail space, a 2,000-space parking garage. The loan also covers two office buildings totaling about 272,000 square feet at 1101 Brickell Avenue.
It’s also one of the most expensive new rental buildings in Miami-Dade, with rents ranging from $2,500 a month for a one-bedroom to over $6,700 for a three-bedroom apartment. FECR hired Fortune Development Sales, one of Miami’s top condo sales and marketing firms, to handle leasing of the tower last year, and more than half its units are now leased out.
The Brickell tower is the tallest residential building south of New York on the East Coast. It is also part of a wave of new luxury apartment buildings in Miami-Dade and Fort Lauderdale that are creating competition for individual condo investors and putting pressure on the shadow rental market.
FECR is also planning at least two mixed-use projects in the Brickell area that would be taller than Panorama, including The Towers by Foster + Partners, a pair of connected high rises planned for 1201 Brickell Bay Drive. It’s partnering with Corigin Real Estate Group and McCourt Global Properties on that development.
Katherine Kallergis | The Real Deal