Ytech Secures $19.5 Million Predevelopment Loan for Ultra-Luxury Brickell Project
In a major step forward for Miami’s Brickell neighborhood, Ytech has announced the securing of a $19.5 million predevelopment loan from Israel Discount Bank. The financing will facilitate the development of a new ultra-luxury condominium complex on two prime parcels located at 41 and 75 Southwest 15th Road, collectively referred to as 41 and 75 Broadway. The combined 0.3-acre site sits just two blocks west of Brickell Avenue and directly across from Mast Capital’s Cipriani-branded luxury condo development.
Demolition of the existing structures, which include a single-story multifamily building and a two-story office building dating back to the late 1940s and 1950s, is currently underway. Ytech, led by CEO Yamal Yidios, had assembled the parcels between 2018 and 2020 for a total of $8.2 million, according to property records.
“With the predevelopment loan secured and demolition underway, we are setting the stage for a transformative development at the Broadway assemblage, located at 41 and 75 Broadway. These milestones, along with the recent groundbreaking of The Residences at 1428 Brickell, exemplify Ytech’s commitment to delivering the most exceptional developments in Brickell,” said Yidios in a statement.
This announcement follows closely on the heels of Ytech’s groundbreaking ceremony last month for The Residences at 1428 Brickell, a 70-story luxury condominium tower that integrates solar energy into its design. Earlier this year, Ytech also secured $78 million to refinance its acquisition loan for the 1.1-acre site at 1428 Brickell Avenue, underscoring its ongoing investment in the rapidly evolving Brickell corridor.
While specific details of the new project at 41 and 75 Broadway remain under wraps, the secured predevelopment financing and progress in demolition suggest significant momentum for Ytech as it continues to expand its luxury residential portfolio in one of Miami’s most coveted neighborhoods.
