Construction continues on an underground parking garage at the Una Residences site in Brickell, with vertical construction set to begin later this year.
The project has seen a surge in sales recently and developers announced this morning that they obtained a construction loan.
Over the past four months alone, the developers have sold $75 million worth of condos at the tower, they say.
OKO Group and Cain International, the project’s development team, said that they obtained $128.3 million in construction financing from Bank OZK.
“The fundamentals of the Una Residences project met the high standards Bank OZK consistently seeks in our credits – marquee real estate, strong market fundamentals and top-tier sponsorship,” said Greg Newman, Managing Director of Originations for Bank OZK’s Real Estate Specialties Group.
The deepest and one of the most expensive parking garages ever built in Miami is now under construction at the site. The underground garage will be three levels, with 236 parking spaces.
By the end of this year, the foundation will be complete and vertical construction work will begin.
The 579-foot tower is expected to top off in late 2022, with completion in 2023.
Una will include 135 condo units.
The tower is being designed by Adrian Smith + Gordon Gill architecture.