CMC Group pays off $236M in building loans for Miami’s Brickell Flatiron tower

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CMC Group pays off $236M in building loans for Miami’s Brickell Flatiron tower
Brickell Flatiron
(Photo by Golden Dusk Photography)

Unit closings are underway and residents are moving in at Downtown Miami’s newly completed Brickell Flatiron tower, with 50 percent of the 64-story tower’s contracts successfully closed over the past 30 days.

The news comes as developer CMC Group retires $236 million in construction loans for the project. The loans, which were issued in 2017 by Bank OZK, Broad Street (Goldman Sachs) and RFR Realty, helped fund the development of the 527-unit tower located at 1000 Brickell Plaza. With more than 95 percent of the project’s units sold and under hard contract, Brickell Flatiron was completed in November when it received its temporary certificate of occupancy (TCO).

“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,” he added. “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.”


Remaining residences currently available for sale include a range of one- to four-bedroom condos priced from $790,000 to $3 million, and one upper duplex penthouse for $8 million.

Brickell Flatiron has attracted a diverse mix of residents since launching in 2015, including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among buyers from Mexico, Argentina, Italy, Venezuela and Colombia, U.S. buyers have accounted for more than half of all unit sales to date. Approximately 70 percent of the building’s buyers came from U.S. markets, evidence that Americans are increasingly drawn to Downtown Miami’s urban lifestyle, which comes at a fraction of the price of luxury living in other gateway cities.

“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.”

Acclaimed Miami architect Luis Revuelta creates a one-of-a-kind architectural environment that combines the tower’s distinct flatiron shape with flowing, curvilinear forms. On the inside, Italian design architect Massimo Iosa Ghini uses inspiration from Brickell Flatiron’s curved façade to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior.

The tower’s 64th-floor rooftop amenities encompass a Sky Spa, Sky Pool and Sky Gym with 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape.

Residents have access to a host of therapeutic services and other offerings including private steam, sauna and locker facilities, a 6,300-square-foot state-of-the-art fitness center with Pilates, yoga and aerobics studios, and a juice bar.

Additional features include a resort-style lap pool and separate children’s pool on the 18th floor, private movie theater with stadium seating, billiards and cigar room, wine cellar, 24-hour concierge and valet parking, on-site vehicle washing and detailing, and electric car-charging stations.

In 2016, CMC Group completed the $22.5 million sale of Brickell Flatiron’s 24,800-square-foot ground-floor retail/restaurant space. Exciting tenants already have signed on to lease the space, including a popular London-based Japanese entertainment restaurant concept.

For more information on Brickell Flatiron, visit www.brickellflatiron.com or visit the project’s sales gallery at 1000 Brickell Plaza, Miami, FL 33131.


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