The Related Group, led by Jorge Pérez, and Related Cos., headed by New York-based Stephen Ross, secured a $50 million construction mortgage for the developers’ BeachWalk condo project in Hallandale Beach, South Florida Business Journal reported.
PRH-2600 Hallandale Beach LLC, a Related affiliate, received the mortgage Aug. 13 from Deutsche Bank Trust Co., who acted as agent for a group of lenders, the Journal said.
Related launched sales for the project, designed by Italian design firm Pininfarina, in February after breaking ground last November, as The Real Deal previously reported.
BeachWalk will have 216 condo-hotel units and 84 condos ranging in price from $399,900 to $699,900. The 30-story tower should take two years to complete. [SFBJ] — Emily Schmall