Related Group Lands $359M for South Florida Construction
Miami-based luxury developer Related Group secured $359 million in construction loans for three projects under development in Miami and Fort Lauderdale.
The company closed a $159.5 million loan Wednesday from an affiliate of Mack Real Estate Credit Strategies for its 50-condominium Park Grove development on 5.2 acres at 2701 S. Bayshore Drive across the street from Biscayne Bay in Miami’s Coconut Grove neighborhood.
A second loan from Arkansas-based Bank of the Ozarks for $94.93 million will fund construction of Paraiso Bayviews, the third of four towers in Related’s Paraiso development in Miami’s Edgewater neighborhood.
Paraiso features trendy interior design by Karim Rashid, architecture by Arquitectonica, lush landscaping by Enzo Enea and interiors by Italian designer Piero Lissoni. It’s attracted a slew of professional athletes and high-profile celebrities, including New York Yankees designated hitter Alex “A-Rod” Rodriguez. His 3,200-square-foot penthouse sits on the 53rd floor of the GranParaiso glass tower. Famous neighbors include music producer David Guetta, Barcelona-born tennis champion Arantxa Sanchez Vicario and NBA champion Manu Ginobili of the San Antonio Spurs.
“This closing reaffirms the commitment of our lenders who, while becoming much more selective, are bullish on South Florida,” said Ben Gerber, the Related Group’s vice president of finance. “Having financial backing proves that others also embrace our vision for the Paraiso community and Edgewater, and they are willing to help us make Paraiso Bayviews a reality.”
A third lender, SunTrust Banks Inc., provided $105 million to build Related’s and Rabina Properties LLC’s Icon Las Olas—a project envisioned more than a decade ago at 500 E. Las Olas Blvd. in Fort Lauderdale.
At 455 feet, Icon would become Fort Lauderdale’s tallest tower and the Related Group’s largest luxury high-rise in the city. It’s slated to feature 272 high-end residential units. Construction began in February and is set for completion by mid-2017.
“This construction currently taking place is the culmination of more than 15 years of persistence and confidence in the Icon Las Olas project and the Fort Lauderdale market,” Related Group vice president Patrick Campbell said.
The company said the loans are part of $525 million in construction financing secured from various lenders in the last 90 days.
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