by THO
A group of South Florida developers got a $285 million loan to build luxury condos with a spicy rigatoni vodka twist.
Tyko Capital, backed by Elliott Investment Management, is funding the construction of the 56-story Villa Miami, the first residential development branded by Major Food Group, which is behind Carbone restaurants and their veal parmesan and rigatoni hits.
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The project, slated for completion in late 2027, has 70 units, starting at $5 million each, and is being developed by Miami-based firms Terra Group and One Thousand Group, according to a statement.
Major Food Group “has an understanding of the customer that’s moving to Miami,” Terra Chief Executive Officer David Martin said in an interview. Roughly half the units are already under contract, with buyers made up mostly of “empty-nester baby boomers, with a pretty even mix of primary and secondary residences.”
Villa Miami marks Major Food Group’s expansion in luxury real estate, after opening multiple restaurants across South Florida catering largely to wealthy Northeastern transplants.
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Residents at the the 650-foot tall (198 meters) waterfront tower will have their kitchens designed by Mario Carbone and MFG will offer them dining experiences through the building’s own private club. There’s also a new restaurant being built on the ground floor.
The Major Food Group-branded condos are the latest addition to New York-based Tyko’s rapidly-expanding real estate bet across Miami and Manhattan.
The firm, founded by Adi Chugh, has provided at least $1.4 billion in financing for projects in the Miami area since July, including the 50-story St. Regis Residences and the high-end office building that counts major finance firms, including Citadel, as tenants. In New York, it teamed up with JPMorgan Chase & Co. on a $1.2 billion loan for a pair of condo towers along Manhattan’s High Line park.
