Habitat Snags $18M Refi to Finish Brickell Condo Dev

Habitat Group secured $17.7 million to refinance and complete construction of the Smart Brickell condo development in Miami. 

Most of the debt from Linkvest Capital, $9 million, will finance the ongoing construction of the third and final phase, Smart Brickell Luxe. The 23-story tower at 259 and 267 Southwest Ninth Street will house 53 condo residences and 78 condo-hotel units, which can be rented on a short-term basis.

So far, 126 of the 131 units have been pre-sold, according to Linkvest. Construction began in December and is expected to be completed by March 2028.

The rest of the debt will refinance both a $12.5 million loan that Linkvest issued in 2024 for the construction of the second phase and the 0.7-acre site of the third phase. 

The first and second phases, which were completed in the past two years, each house 50 condos and 50 condo-hotel units at 258 and 239 Southwest Ninth Street.

The Smart Brickell buildings sit west of the Metrorail line, an area that’s seeing a rush of development, thanks to its proximity to the business district and slightly cheaper land prices. Last month, PMG secured a $413 million construction loan for a luxury and multifamily project. Michael Stern has also broken ground on the Mercedes-Benz condo development.

Last week, Habitat, a Miami-based developer with roots in Colombia, sold the majority of units at a nearby condo building to a Peruvian developer. The transaction will likely lead to a condo termination, which will set the stage for another development. 

A representative for Habitat did not immediately respond to a request for comment. 

Julia Echikson can be reached at [email protected].