Dealmaker: Berkadia Secures $400M Construction Loan for The Residences at Six Fisher Island

(Photo courtesy of Related Group)

Related Group, Teddy Sagi and BH Group received a $400 million construction loan for The Residences at Six Fisher Island from Madison Realty Capital.

Arranged by Berkadia South Florida, the loan will facilitate the construction of a high-end condominium on Miami’s Fisher Island.

The Madison Realty Capital loan replaced the $85 million acquisition loan Berkadia originated in 2022.

Located on Fisher Island’s northeastern shoreline on the island’s last available development parcel, the new condominium will total 50 residences in 10 stories. Construction is set to begin this summer, with completion slated for 2026. The Residences have generated more than $500 million in sales since launching in late 2022. Two of the property’s penthouses sold earlier this year for a combined $150 million, with remaining inventory targeting prices exceeding $4,000 per square foot.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, called Fisher Island one of the most exclusive communities in the country, but said it offers limited new development. “The Residences will deliver the first newly built property on the island since 2019…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.”

Berkadia South Florida arranged the nine-figure loan, with efforts led by Managing Director Scott Wadler, Vice President Michael Basinski and Senior Associate Patrick Johnson as well as Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Matthew Robbins.