Goldman Sachs Lends $111.3M For Brickell Multifamily Development
Empira Group heads into the long weekend having secured a $111.25M construction loan from Goldman Sachs for its multifamily high-rise in Brickell’s financial district.
The Switzerland-based developer, led by a Miami team of Rafael Aregger, Branko Kuzmanović and Michael Marrero, plans to start construction on The Perrin this summer, with completion set for 2027, according to a release.
Newmark Senior Managing Director Daniel Matz brokered the deal.
“Given the scale and significance of the project, we ultimately selected Goldman Sachs as our financing partner for their ability to navigate complex capital structures and execute with certainty,” Matz said in a statement.
The Corwil Architects-designed building is set to rise 26 stories at 244 SW Ninth St. It will offer 310 studio, one-, two- and three-bedroom units, 380 parking spaces and more than 2K SF of retail. Amenities include a rooftop Zen garden, a tea room, a fitness center with a yoga room, and coworking space.
Empira Group acquired the 1-acre site for $21.5M in partnership with Grand Peaks Properties, The Real Deal reported in 2023. Grand Peaks is no longer involved in the project, an Empira Group representative told Bisnow in December.
Original plans for the project called for a 2024 construction start date and delivery by 2026, but the timeline was delayed due to a slow permitting process.
Doral-based Jaxi Builders is serving as the project’s general contractor, with interior design by Miami-based OTJ Architects.
Not far away from The Perrin, Empira landed a $32M construction loan in March for another multifamily project, Enso, from Miami-based Abanca USA, a subsidiary of Spanish bank Grupo Abanca.
The Swiss developer broke ground on that eight-story, 85-unit apartment building in Miami’s The Roads neighborhood last month.
“Securing financing for The Perrin signals another meaningful milestone for Empira Group on the heels of breaking ground last month on Enso, our boutique multifamily project in The Roads,” Aregger, Empira head of U.S. investments, said in a statement.
“This project symbolizes the ambition and commitment vigorously driving Empira’s vision for refined residential development in Miami.”
