Brickell Flatiron Is A Success: Developer Of Miami’s Fourth Tallest Tower Pays Off $236M Loan Just A Month After Completion

Miami’s fourth tallest tower, Brickell Flatiron, can already be declared a success after the developer of the tower paid off a loan that funded its construction.

The 64-story tower received its temporary certificate of occupancy last month, and more than 50% of units have been closed on in just four weeks, the developer said in a press release.

Ugo Colombo’s CMC Group has already paid off a $236 million construction loan, including $138M issued by Bank OZK.

“Bank OZK was delighted to finance Miami’s Brickell Flatiron Tower. This project embodies the high standards Bank OZK consistently seeks in its project financings – marquee real estate, strong market fundamentals and top-tier sponsorship,” said Greg Newman, managing director of originations for Bank OZK. “Ugo Columbo once again delivered a successful, high quality, landmark building making a bold mark on the downtown Miami skyline.”

The remainder of units will be turned over to new owners soon, as more than 95% of condos are in contract to be sold.

“Our ability to retire these loans just four weeks after receiving our TCO underscores the sustained buyer demand we’re seeing at Brickell Flatiron and the strength of the Brickell brand, both internationally and domestically,” said developer Ugo Colombo, Founder of CMC Group. “We’re quickly approaching sell-out and contracts are closing as we see a steady stream of primary and secondary home buyers coming from key markets overseas and U.S. markets such as New York, Boston, Chicago and California. Our owners are extremely happy with the quality of the final product and we’re moving through the rest of our closings at a record pace.”

More than 70% of buyers are from the U.S.

 

The entrance to Brickell Flatiron’s lobby:

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Anonymous
1 year ago

It’s a beautiful tower and a great addition to our skyline.
OK Ugo, what’s next?
Aim higher…

POLO
1 year ago

Still not crazy about that parking podium, specially at night.

Anonymous
1 year ago

Try to let it go. The podium doesn’t care.

Anonymous
1 year ago

Agree. The visible lighting is a failure of design 101.

Anonymous
1 year ago

Yes, this occurs in many buildings. The lighting is even visible on 1000 Museum. There must be a better solution to get the necessary foot-candles, while avoiding the visibility from outside through the typical screen materials used throughout Miami. Does anyone know of one?

Anonymous
1 year ago

Ok Einstein, so where do you suppose people who are wealthy enough to live there would park their cars? You certainly don’t expect them to sweat their butts off in the middle of summer waiting for the Metro, Metromover, Bus, or Lyft/Uber. Do you?

Anonymous
1 year ago

UGO!!! Looking forward to seeing the units in the building. Looks stunning from the photos and walking around outside.

Anonymous
1 year ago

I hate this building!!!

– The Coalition of TNM Grumpy Smurfs Posters.

Anonymous
1 year ago

Keep it going Ugo!

Anonymous
1 year ago

This is fake news, because this building hasn’t been built yet. (sarcasm)

Anonymous
1 year ago

Yeah three years ago people were constantly saying this and Brickell Heights wouldn’t be built.

Anonymous
1 year ago

… and let’s not forget the Aston Martin building.

Anonymous
1 year ago

I like the painting of the two balseros!

Anonymous
1 year ago

What looming real estate crisis?

Park?
1 year ago

Where are the parks? Where is the Allen Morris Park? Why such an ugly parking pedestal?

Anonymous
1 year ago

I hate buildings!!!

– The Coalition of TNM Grumpy Smurfs Posters

Moist
1 year ago

Guess the massive plumbing failures and systemic flooding also contribute to its success. #shitbuilding #shitconstruction #shitfinishes

Anonymous
1 year ago

I hate this building and the developer!!!

– The Coalition of TNM Grumpy Smurfs Posters