Luxury Condo Development Secures Record $817M Loan

The Miami project signals that private credit remains a vital tool for developers eyeing the high-end residential market.

Updated on Oct. 28, 2026 in Construction

Luxury Condo Development Secures Record $817M Loan

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Tyko Capital has finalized an $817 million construction loan for two luxury condominium towers in Miami, marking the largest such financing in Florida history. This development, led by Fortune International Group and KAR Properties, aims to capture sustained demand in the local high-end real estate market.

Why it matters

The deal signals continued confidence from private credit lenders in Miami's luxury residential sector, supported by the city's appeal to wealthy individuals and the state's zero personal income tax policy. Developers are increasingly relying on these private credit channels to move forward with large-scale projects.

The $817 million construction loan is the largest in Florida history, surpassing local benchmarks for luxury project financing. This investment arrives despite a cooldown in migration, with 551 people moving to the state daily in 2025 versus 1,640 per day in 2022.

The players

Tyko Capital

A private credit firm providing large-scale construction financing to real estate developers.

Fortune International Group

A luxury real estate developer with a significant portfolio of residential projects in Miami.

KAR Properties

A property development firm focused on high-end residential and commercial real estate.

Citadel

A global financial institution currently developing a $2.5 billion corporate headquarters in Miami.

The details

Tyko Capital is utilizing private credit to fund the twin-tower project, which will include amenities such as infinity pools and private yacht docks. This collaboration reflects a broader trend among developers to partner with non-bank lenders for major capital requirements. The project follows significant corporate expansions in the region, such as Citadel's $2.5 billion head office tower construction.

2022: 1,640 people moved to Florida per day.
2025: 551 people moved to Florida per day.
Year up to September 2026: 24 luxury real estate sales recorded at $30 million or more in Miami-Dade County.
Early 2030: Projected completion date for the two condominium towers.

Market Landscape

This record-breaking loan follows the precedent set by Citadel's $2.5 billion office tower, confirming a trend of high-stakes capital investment in Miami. It underscores the ongoing reliance on private credit to sustain major real estate development during shifts in migration rates.

Operators should monitor whether luxury residential projects continue to attract private credit as migration trends normalize from previous peaks. Local contractors and suppliers should note that major developments are still clearing financing hurdles, providing a pipeline for large-scale work through early 2030.

The takeaway

The record loan signals that private credit remains a vital, accessible lever for high-end developments in Miami despite broader migration slowdowns. Operators should track local luxury sale volumes—currently 24 deals over $30 million—as a key indicator of demand for future project viability.