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Related Group takes out mortgage for possible Pompano Beach development

October 21, 2011 03:36PM

Related Group CEO Jorge Perez and 1116 N Ocean Boulevard (source: Google Maps)

Related Group has taken out a $3.1 million mortgage on an oceanfront site in Pompano Beach, the South Florida Business Journal reported, presumably to begin development.

Related purchased the 2.3-acre site out of foreclosure in February for $6.25 million. Located at 1116 N Ocean Boulevard, the plot would appear ripe for the notable condominium builder to construct a new development. In fact, the mortgage, from Regions Bank, allows for future advances on the site of up to $75 million. However, Related Group has not announced any plans. [SFBJ]