The Real Deal Miami

Related Group owed $351 million on Icon Brickell

May 21, 2010 11:15AM

Icon Brickell is now one of the most popular projects in downtown Miami

The Related Group owed $351 million to its lenders when it deeded back the project on May 11. A group of lenders led by HSBC granted a $502 million loan on two towers four years ago, with the loan finally maturing in June of last year. Despite a discount on the 1,800 units in the building, along with acquiring financing from the construction lender, Related could not close it. On May 12, in what was termed a “friendly settlement,” Related deeded back the unsold units in the building, announcing that it would work with Fortune International to sell the units. The lender took title to the condo units yesterday. [SFBJ]