Are Cain International and Vlad Doroninit is OKO Group develop a second tower in Miami’s Edgewater neighborhood, across from their Missoni Baia condominium project?
The joint venture secured a $62.3 million loan from Lionheart Strategic Management, the property records show. The funding is tied to sites across the street from where the couple are building the luxurious Missoni Tower, which is nearing completion.
Two years after purchasing the parcels that now house the Missoni development, OKO paid $54 million in 2016 for the site across the street at 720 NE 27th Street, which faces Biscayne Bay, according to records. The two-acre parcel now houses single-family homes as well as the sales gallery of the Una Residencesanother luxury condominium that Oko and Cain are developing together.
Following the site acquisitions in 2016, OKO took out a $31.5 million mortgage with Security services companythat he has now raised $62.5 million from Lionheart, bringing total funding to $93.8 million, according to mortgage documents.
A spokesperson for OKO declined to comment, while a representative for Cain did not respond to requests for comment.
Given the size of the loan and the lack of development on the site, it seems likely that the joint venture is preparing to launch an additional condominium tower. The 249-unit Missoni project has already generated at least $100 million in sales, including the $10 million purchase of the 7,791-square-foot penthouse earlier this month, developers say.
In response to the influx of residents into South Florida, developers are rushing into Edgewater, a neighborhood in central Miami just east of Wynwood. Nearly 10,000 housing units are planned for the district.
An additional Edgewater Tower would mark OKO and Cain’s fifth project together in South Florida. In Brickell, the duo develops the Una condo and the 830 Brickell office building, which caught Microsoft and a host of other businesses new to the market as tenants. Last week, developers landed $97 million for a luxury rental tower in Fort Lauderdale.
Julia Echikson can be contacted at [email protected].