Urban Network Capital Group (UNCG) and Vertical Developments obtained a $24.5 million construction loan to move forward with a condo-hotel project in Miami’s Brickell Financial District.

Miami-based private financier Rok Lending provided the mortgage to Miami-based UNCG and Vertical Developments, which has offices in Miami and Argentina. It covers the 14,250-square-foot property at 1120, 1130 and 1136 S.W Third Ave. The developers said the overall project would cost $45 million. David Larson and Keegan Burger of Concord Summit Capital arranged the loan.

The developers announced in March they had a deal to acquire the property for $8.5 million. That land purchased recently closed, according to the developers.

The eight-story Visions at Brickell Station will feature 111 move-in ready hotel-condo units, with units from 321 to 539 square feet. Prices started in the low $300,000s and range into the $500,000s.

The developer said the project is more than 50% sold. This is a traditional condo-hotel and owners can’t live full-time in the units. The building will be overseen by a hotel management company, although the manager hasn’t been announced yet.

“With wellness as the cornerstone of this project, the experiential design of Visions at Brickell Station strikes a chord with buyers who seek accessible ownership in Miami’s urban core within a property that is both innovative and timeless,” stated Robert Thorne, CEO of UNCG. “We appreciate the support from Rok Lending and look forward to continuing sales momentum as we move into 2024.”

Miami Lakes-based DTI Architects designed the project. Amenities would include a gym, a rooftop pool, a restaurant, a spa with massage treatment rooms, meeting space, laundry services and a bikeshare program.

Visions at Brickell should be completed in 2025, according to the developers.

Meanwhile, UNCG and Vertical Developments are working on plans for a Midtown Miami site they purchased for $13.5 million in October. They are also building the $170 million Visions Resort & Spa in Orlando.