The Real Deal Miami

Related nabs $93M loan for GranParaiso tower in Edgewater

Bank of the Ozarks is the lender

July 06, 2016 08:45AM
By Katherine Kallergis

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Rendering of GranParaiso

Rendering of GranParaiso

The Related Group has closed on $92.7 million in financing for its GranParaiso tower in Miami’s Edgewater neighborhood.

Bank of the Ozarks provided the loan for the fourth Paraiso tower in Related’s 10-acre complex.

GranParaiso, at 480 Northeast 31st Street, is being designed by Arquitectonica with public spaces by Piero Lissoni. Related launched sales for the 317-unit tower in April 2015 and is at least 65 percent presold, according to an ISG report released in May.

The building’s amenties will include a 100-foot zero entry pool, children’s pool, gym and spa, bowling lanes, virtual golf, theater, and access to the Paraiso Beach Club, which will feature a Michael Schwartz restaurant.

Buyers so far include New York Yankees hitter Alex Rodriguez, DJ and record producer David Guetta, San Antonio Spurs player Manu Ginóbili and tennis champion Arantxa Sánchez Vicario.

Paraiso Bayviews, the third tower to launch, is currently under construction. The entire development is being built in Edgewater between Northeast 31st Street and Northeast 32nd Street, and from Biscayne Bay west to Northeast Fourth Avenue.

Related is among the biggest borrowers in South Florida development over the past couple of years. From January 2015 to February, the developer closed a total of $845.5 million in financing for six projects, the majority of which are condominiums in Miami-Dade.

Related secured about $95 million in construction financing for the Bayviews tower in December. Bank of the Ozarks is also the lender for that tower.