**Oak Row Equities and Mariposa Real Estate Complete Record $520M Land Acquisition in Brickell**
Oak Row Equities and Mariposa Real Estate have announced the completion of what they claim is the largest single land acquisition in Florida’s history. The joint venture finalized a $520 million purchase of a prominent 4.25-acre waterfront parcel at 1001 and 1111 Brickell Bay Drive. The site boasts 485 feet of continuous frontage along Biscayne Bay and includes both The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building.
TYKO Capital served as the senior lender, providing a $464.5 million acquisition and predevelopment loan. Additionally, AIMCO, the seller, contributed $85 million in seller financing. The financing agreement includes a two-year term with the option for two one-year extensions, carrying an 18% interest rate for the full term.
Zoned for over three million square feet of future development, the site allows for multiple towers with heights of up to 1,049 feet. According to the development team, this is the largest and last developable parcel of this scale in the Brickell area. The first phase of the project is set to include a hotel and branded condominiums.
