Related Group Lands $359M for South Florida Construction

Rendering of Park Grove at 2701 S. Bayshore Dr.
Rendering of Park Grove at 2701 S. Bayshore Dr.

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.

Read more: http://www.dailybusinessreview.com/id=1202745654472/Related-Group-Lands-359M-for-South-Florida-Construction#ixzz3vREfG6t8

Recent News

 
Versatile Carmix takes concrete to North Mara Gold Mine in Tanzania
    The gold mine in North Mara is situated in the north-west of Tanzania, at about 100 kilometres east of Lake Victoria and 20 kilometres south of the border with Kenya. The gold mine works an average of 8,000 tonnes of minerals a day and produced 287,188 ounces of gold in 2015. The gold
WORKERS’ MEMORIAL DAY
Workers’ Memorial Day, observed each year on April 28, honors workers killed, injured, or made ill at work. Since 1992, BLS has collected data on both nonfatal work injuries and illnesses that result in days away from work, and fatal work injuries. In 2015, the occupations with the highest number of nonfatal injuries and illnesses
TOP 15 CONSIDERATIONS FOR MAINTAINING UNDERCARRIAGE HEALTH AND PRODUCTIVITY
The undercarriage of a machine represents a significant portion of a piece of equipment’s purchase price. Proper maintenance and operation practices are critical for protecting your equipment investment. Undercarriage maintenance is critical to the overall productivity of a machine. It is the mechanism that gives tracked machines much of their power and stability. It also
Deere Adds 8-Year / 20K Hour Warranty on 944K Electric-Drive Components
John Deere is now offering a 96-month / 20,000-hour power electronic components warranty on the Deere 944K hybrid wheel loader. The warranty is retroactive to existing machines in the field and provided on new 944K loaders through October 31, 2018. The warranty includes a 96-month (eight-year) or 20,000-hour (whichever comes first) non-prorated assurance on wheel
VERMEER SILVER SERIES DRILL RODS COMPOSED OF S135 COMMON GRADE STEEL
  Vermeer’s Silver Series drill rod is composed of S135 common grade steel and is threaded in the same facility as the company’s Firestick drill rod with the same column wall thickness. The Silver Series drill rod is available in four sizes: 1.66-inch, 1.9-inch, 2.06-inch, and 2.375-inch, for use on the D7x11 through the D24x40
CHILE: Construcción regional cae 7,5% y suma dos meses con cifras en rojo
Datos de Cámara Chilena de la Construcción estimaron retroceso de 7,5% en febrero que se suma al -10% de enero. Se busca consolidar esfuerzos público-privados para enmendar el rumbo. Por primera vez desde el año 2002, cuando se comenzó a publicar el Índice de Actividad de la Construcción Regional (INACOR), la Región de Coquimbo inicia

About Us

 
In Tractopart we supply quality construction Parts and Heavy Equipment Parts with excellent discount rate for New , Used Rebuilt & Surplus parts for excavators, Wheel loader dozers, and undercarriage for all heavy equipment brands, we are locate in Miami, Fl

Contact Info

 

At Tractopart we focus on providing high quality parts at a great price. Our parts are subjected to rigorous inspection procedures that allow us to ensure product quality.


Phone: 786.219.1010
Email: sales@tractopart.com
Main Office: 3505 South Ocean Drive #204
Hollywood, FL 33019