Ricardo Dunin's Oak Capital and Juan Carlos Tassara's Edifica Land $220M Financing for Second Domus Project in Miami's Brickell Neighborhood

North Development, the partnership between Ricardo Dunin's Oak Capital and Juan Carlos Tassara's Edifica, has successfully secured $220 million in financing for their upcoming Domus Brickell Center project in Miami's bustling Brickell neighborhood. This will be the second Domus-branded short-term rental-friendly condo project for the duo, following the success of their first Domus project in the same neighborhood.

The financing for this ambitious project was made possible thanks to a $180 million loan from Coral Gables-based Bayview PACE, a C-PACE lender led by Anne Hill, according to a press release. In addition to this, North Development also received a $40 million mortgage from Peruvian firm Core Capital, led by CEO Luis Marcelo Indacochea, further solidifying the financial backing for this project.

With a planned 35-story tower and 579 units, the Domus Brickell Center is set to be a major addition to the Brickell skyline. However, this project has not been without its share of controversy. In an effort to avoid potential pushback from community members, North Development has marketed the project as short-term rental-friendly, a strategy that has been met with criticism from some locals.

Despite these concerns, North Development has been able to secure financing for their project, showcasing the influence and power of well-connected developers in the Miami real estate market. This latest venture by Dunin's Oak Capital and Tassara's Edifica is a testament to their expertise in the industry and their ability to navigate through the complex world