(Bloomberg) -- Florida’s Related Group secured a construction loan to start building ultra-luxury condos on the Miami area’s exclusive Fisher Island. 

Madison Realty Capital, based in New York, provided the $400 million loan and the deal was arranged by Berkadia South Florida, according to a statement Wednesday. Related and partners Teddy Sagi, BH Group and Wanxiang America RE Group plan to start construction this summer on the project, a 10-story property with 50 units dubbed Residences at Six Fisher Island. 

Related bought the site in 2022 for more than $100 million. The project, on Fisher Island’s northeastern shore, has generated more than $500 million in sales so far, including two penthouses purchased earlier this year for a total of $150 million. The remaining units are priced at more than $4,000 a square foot. 

“Madison Realty Capital’s loan will allow us to fulfill our vision of further elevating the level of luxury and service of what is already one of the world’s most exclusive communities,” Nick Pérez, president of Related’s condominium division, said in the statement.

The project is expected to be completed in 2026. 

“Fisher Island is one of the most exclusive communities in the country creating strong demand for new residences, yet offers limited new development,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “We are excited to deliver a flexible financing solution for the construction of highly amenitized, modern residences.”

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