The Real Deal Miami

Regions gives Related $7 million construction loan for Apogee Beach project

May 11, 2012 10:30AM

Apogee Beach

Regions Bank has given a Related Group affiliate a $7 million construction loan, the South Florida Business Journal. The funding will be used on the Apogee Beach project in Hollywood. The affiliate, PRH-Sian Holllywood, includes Miami Dolphins owner Stephen Ross as a partner, and is controlled by Related CEO Jorge Perez. Apogee is located at 3951 South Ocean Drive. Apogee was the first new project to break ground in South Florida since 2007 when it launched construction in December 2011. More and more buyers, particularly the South American purchasers coveted by developers, are heading to the Hollywood and Hallandale area as inventory diminishes further south. [SFBJ]