OKO-Led Team Closes On Record Brickell Acquisition

Oak Row Equities and Mariposa Real Estate claim to have completed the largest single land acquisition in Florida. The joint venture closed on the $520 million purchase of Aimco’s 4.25-acre waterfront parcel—located at 1001 and 1111 Brickell Bay Drive—with 485 feet of continuous Biscayne Bay frontage. The Brickell assemblage includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building. 

TYKO Capital is the senior lender, providing a $464.5 million acquisition and predevelopment loan. AIMCO granted $85 million in seller financing to the buyers, with a two-year term and possible extensions of up to two additional years, at an interest rate of 18% for the entire duration.

The overall site is zoned for over three million square feet of development, allowing for multiple towers that can rise up to 1,049 feet. The assemblage is the largest and last remaining developable site of this scale in the Brickell area. The first phase of development will feature a hotel and branded condominiums. 

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