6 Fisher Island Drive Update 06/17/24

Leading real estate company Related Group – along with partners Teddy Sagi and BH Group and Wanxiang America RE Group – have secured a $400 million construction loan from Madison Realty Capital for the highly- anticipated Residences at Six Fisher Island. Madison Realty Capital’s loan replaces the $85 million acquisition loan the firm originated in 2022. The ultra-luxury condominium development is set to be the most exclusive address on the East Coast, offering only 50 private residences across 10 stories. The project is set to begin construction this summer, with completion slated for 2026.

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.

“Related and BH Group continue to demonstrate incredible prowess in identifying last-of-its-kind waterfront sites and articulating a new and inspired vision for ultra-luxury living that attracts the most discerning buyers from across the globe, said Scott Wadler, Managing Director of Berkadia South Florida. “This project’s unique barriers to entry and record-breaking penthouse pre-sales, created a compelling lending opportunity.”

Gracing Fisher Island’s Northeastern shoreline, and built on its last available development parcel, 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 total of $150 million, with remaining inventory targeting prices north of $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,” said 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.”

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Fisher Island is one of the most exclusive communities in the country creating strong demand for new residences, yet offers limited new development. 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.” 

Targeting only the most elite buyers, Six Fisher Island includes designs from Tara Bernerd and Partners and Kobi Karp Architects, with luxury residences averaging 4,817 square feet. All homes at Six Fisher are designed to preserve the privacy of single-family residences while offering the convenience of condominium living, with private elevator foyers, soaring ceilings and water views on all sides. All homes also come equipped with custom kitchens with Sub-Zero and Wolf appliances, as well as Tara Bernerd-designed bathrooms, featuring natural stone flooring and walls, custom fixtures, and top-of-the-line appliances.

Residents will enjoy a five-star amenity package. Located along more than 1,000 linear feet of shoreline, the property offers two separate, resort-style pool decks, complete with swimming pools, sunbeds, private cabanas, full-service bars, and more. The sprawling playground, game room, and multi-sport simulator caters to the property’s younger residents. The state-of-the-art wellness facility also includes dedicated areas for cardio, Pilates, weight training, yoga, and a number of other fitness modalities. Residents will also have easy access to a variety of other 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,” remarked 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 has long been seen as South Florida’s most luxurious neighborhood. Island residents have exclusive access to a private beach, golf course, Racquet club equipped with multi-surfaced tennis, pickle, and padel courts, a members-only restaurant, and more.

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