The Related Group continues to have success with construction lenders during the current development cycle.
A Related affiliate obtained an $18.5 million loan from Regions Bank for its Marea project in Miami Beach, South Florida Business Journal reported. Related has owned the South of Fifth site since 2003. It previously had a mortgage from Wachovia Bank before paying it off five years ago after the real estate crash.
Related is constructing a six-story, 30-unit building at the site. Enzo Enea, Sieger-Suarez Architects and Yabu Pushelberg collaborated on Marea’s design. [South Florida Business Journal] — Eric Kalis