The Real Deal Miami

Related scores $117.5M loan for One Paraiso

Tower is part of a five-acre complex by Related Group

July 01, 2015 11:15AM
By Sean Stewart-Muniz

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A rendering of the Paraiso complex in Edgewater

A rendering of the Paraiso complex in Edgewater

More than six months after breaking ground on One Paraiso, a planned 53-story condo tower in Miami’s Edgewater neighborhood, the Related Group has signed off on $117.5 million in financing for the project.

The funds were provided by the real estate investment arm of financial company TPG, which has $74.8 billion in capital under its management, according to the company’s website.

Carlos Rosso

Carlos Rosso, president of Related Group’s condo division

Sales were launched for One Paraiso last year in April, and groundbreaking followed a few months later in December. The project is expected to finish in 2017.

Located at 3131 Northeast 7th Avenue, the tower will house 276 units that range in price from $600 to $700 per square foot. It was designed by Arquitectonica, and prominent local restaurateur Michael Schwartz has signed on to open an eatery and beach club at the tower.

One Paraiso is part of a larger five-acre waterfront complex that, in its current iteration, will house four condo buildings.

Earlier this year, Related inked a $93 million construction loan for another of its towers in the complex, Paraiso Bay.

  • Laura Knight

    What’s the backside of the building look like? Another ugly light pollution filled wall? I think the whole complex will be that way. Sadly, lit rear corridor walls are becoming a signature feature. Crazy that people try UK loans online decision and want units oriented toward the water. Plenty of land left for infill and towers that can sell westward “city views.” But, that would mean “another ugly light pollution filled wall” from a different angle. See, the wall is supposed to be left blank.