Related Group and partners Teddy Sagi, BH Group, and Wanxiang America RE Group have secured a $400 million construction loan from Madison Realty Capital for The Residences at Six Fisher Island. This loan replaces the $85 million acquisition loan initially obtained in 2022. The ultra-luxury Fisher Island condo development, consisting of only 50 private residences across 10 stories, will begin construction this summer, with the completion date set for 2026.
The Residences on the Northeastern shoreline of Fisher Island have seen over $500 million in sales since their launch in late 2022. Earlier this year, two of the property’s penthouses were sold for $150 million. The remaining inventory is priced higher than $4,000 per square foot.
“Fisher Island is a special place, unique in the world. Developing the island’s last parcel is a responsibility we do not take lightly,” says Nick Pérez, President of Related’s Condominium Division. “Madison Realty Capital’s loan will allow us to fulfill our vision of further elevating the level of luxury and service of what is already one of the world’s most exclusive communities. We look forward to working with our partners to deliver a residential community that transcends expectations, blending opulence with serenity and setting a new standard for coastal living.”
The Fisher Island condo is tailored to cater exclusively to discerning buyers and features designs by Tara Bernerd and Partners and Kobi Karp Architects. The luxurious residences have an average size of 4,817 square feet. Each home is designed to provide the privacy of a single-family residence while embracing the convenience of condominium living, boasting private elevator foyers, high ceilings, and breathtaking water views. Furthermore, all homes are furnished with bespoke kitchens equipped with Sub-Zero and Wolf appliances and Tara Bernerd-designed bathrooms that showcase natural stone flooring and walls, custom fixtures, and top-of-the-line appliances.
“Fisher Island is one of the most exclusive communities in the country creating strong demand for new residences, yet offers limited new development,” says Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “The Residences will deliver the first newly built property on the island since 2019, and we are excited to deliver a flexible financing solution for the construction of highly amenitized, modern residences. We are pleased to continue to serve as a single source of financing throughout the lifecycle of the development for an established borrower group with significant experience developing ultra-luxury residences that has already exhibited successful presales for The Residences.”
The residents in the Fisher Island condo will have the opportunity to enjoy a five-star amenity package. The property boasts two separate resort-style pool decks along more than 1,000 linear feet of shoreline, equipped with swimming pools, sunbeds, private cabanas, and full-service bars. Additionally, the sprawling playground, game room, and multi-sport simulator are designed to cater to the property’s younger residents. For those focused on wellness, the state-of-the-art facility includes dedicated areas for cardio, Pilates, weight training, yoga, and various other fitness modalities. Residents will also benefit from easy access to various on-demand services, including a 24/7 concierge.
“Securing financing from Madison Realty Capital not only signifies a resolute trust in BH Group’s vision for enhancing Fisher Island’s exclusive lifestyle but also underscores the timeless allure of waterfront properties within our dynamic cityscape,” says Isaac Toledano, Founder of BH Group. “We aspire not just to construct remarkable structures but to cultivate a profound sense of belonging. Fisher Island has long epitomized a village-like ambiance, and through our meticulous approaches, we aim to deepen and extend that unique experience.”
Fisher Island is renowned as the most opulent neighborhood in South Florida. Residents enjoy privileged access to a private beach, a golf course, a Tennis club with multi-surfaced tennis, pickle, and padel courts, a members-only restaurant and various other luxuries.
Berkadia South Florida successfully secured the substantial loan, with leadership provided by Managing Director Scott Wadler, Vice President Michael Basinski, senior associate Patrick Johnson, Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matthew Robbins.
Douglas Elliman is the exclusive sales partner for the Fisher Island condo. For more information or to arrange a private sales gallery tour, please call 6-fisherisland.com or call (305) 200-8068.
Photo courtesy of Related Group
