Lending flowed in South Florida over the past year, leading to more than $3 billion in construction financing — mostly for condominiums — for the region's five largest deals, at a time of some hesitancy across the country because of economic uncertainty.
Last year represented an "exceptional year for construction lending in South Florida," including what one developer called the biggest loan of that type in state history, said Chris Montgomery, CoStar's senior director of market analytics in South Florida. Four of the five biggest construction loans were for luxury residences.
There has been "robust" demand for branded luxury residences during the past year, Montgomery said. Many of the region's high-end condominiums started work with more than half of their units sold.
Rental projects face challenges, however. Apartment developers find themselves navigating an environment with more supply after tens of thousands of apartments have opened across South Florida since the pandemic-era boom following 2020.
"Financing remains selective compared to four or five years ago, favoring sponsors with healthy balance sheets and long-standing, proven track records amid rising costs and broader economic uncertainties," Montgomery said.
Location also matters. While Miami had its share of big-budget loans, particularly for residential projects, Palm Beach secured a record-setting deal for two office towers that reflect West Palm Beach's "momentum as a more diversified, year-round finance and tech destination," Montgomery added.
Here are the five biggest construction loans that were secured and publicly announced for South Florida projects in 2025, according to CoStar:
1. 10 and 15 CityPlace: $772 million
Address: 10 City Place, 15 City Place in West Palm Beach
Lender: Ares Real Estate, Monarch Alternative Capital, HPS Investment Partners
Borrower: Related Ross
Tell me more: West Palm Beach-based Related Ross, led by billionaire and longtime New York developer and Miami Dolphins owner Stephen Ross, scored the record-setting loan for a pair of office towers set to offer a combined 960,000 square feet of space in the heart of downtown West Palm Beach when they open in 2027. The loan is the largest construction loan in Florida's history, the developer said.
2. Bentley Residences: $630 million
Address: 18401 Collins Ave. in Sunny Isles Beach
Lender: Madison Realty Capital
Borrower: Dezer Development
Tell me more: Bentley Residences broke ground last year on the 62-story tower that is set to finish sometime in 2028. The project, the first condominium tower from luxury automaker Bentley Motors, is designed with special elevators that give residents the ability to drive their car in and up to their own private garages in the sky.
3. South Flagler House: $600 million
Address: 1355 South Flagler Drive in West Palm Beach
Lender: Bank OZK, GoldenTree Asset Management, TZ Capital
Borrower: Related Ross
Tell me more: South Flagler House is the first luxury condominium to be developed by Related Ross in South Florida. The developer broke ground on the two-tower condominium in late 2024 and secured the construction loan in mid-2025. The 28-story Robert A.M. Stern and Pembrooke & Ives-designed project wrapped up vertical construction in November and is expected to be completed in 2027.
4. Residences at 1428 Brickell: $565 million
Address: 1428 Brickell Ave. in Miami
Lender: JPMorgan, Sculptor Real Estate
Borrower: Ytech
Tell me more: Developer Ytech — led by Yamal Yidios — is building a 70-story solar-powered ultra-luxury condominium offering 195 residences, including a pair of two-story penthouses, in downtown Miami’s Brickell financial district. The developer held a ceremonial groundbreaking in November 2024 for the Residences at 1428 Brickell that is expected to be completed in 2028.
5. One Brickell Riverfront: $513 million
Address: 99 SW Seventh St. and 690 SW First Ave. in Miami
Lender: Undisclosed private lender and 3650 Capital
Borrower: Newgard Group, Two Roads Development
Tell me more: A joint venture between Newgard Group and Two Roads Development secured the construction loan for the two-tower mixed-use development that is expected to be complete in 2027. The 362-unit Lofty Brickell and 422-unit Standard Residences are rising along the Miami River.