236M Loan Paid Off Within a Month of Opening the Fourth Tallest Building of Miami
Brickell Flatiron is the fourth tallest tower in Miami and is confirmed to be a huge success after the building’s developer paid off the Bank OZK construction loan.
In November, the 64-story tower was given a temporary certificate of occupancy, with over 50 percent of the units sold in just the last four weeks.
Ugo Colombo’s CMC Group paid the $236 million construction loan off with Bank OZK issuing $138M for the property.
Bank OZK Managing Director of Originations, Greg Newman, said the bank was happy it could finance the Flatiron Tower, which exemplifies Bank OZK’s high standards of any project it funds. These standards include top-tier sponsorship, strong market fundamentals, and marquee real estate.
Newman said Ugo Colombo was able to provide a successful landmark building to the Miami downtown skyline.
The rest of the available units will be handed to the new owners, as over 95 percent of the condos are currently in the contract stage.
CMC Group Founder and developer Ugo Colombo said the ability to pay off the loans is a testament of the buyer demand experienced at Brickell Flatiron and the strength the Brickell brand has both nationally and abroad.
Colombo said many of the buyers are primary and secondary ones from key areas around the world and U.S. markets like Boston, California, Chicago, and New York. He said most people had been delighted by the final product, and the rest of the closings are taking place at breakneck speeds.