Related gets $31M construction loan for Icon Bay

Miami /
Jan.January 08, 2014 09:45 AM

The Related Group has obtained a $31 million construction loan for its Icon Bay project in Miami’s Edgewater neighborhood, The Real Deal has learned.

PRH NE 28th Street received the financing from a group of lenders managed by SunTrust Bank on Jan. 2, according to Miami-Dade County records. PRH stands for Perez Ross Holdings, a joint venture between the Jorge Perez-led Related Group and Stephen Ross-led The Related Cos. of New York. The county recorded the transaction on Friday.

A 42-story waterfront condo tower, Icon Bay is currently under construction, according to Related’s website. The project is expected to be completed during the first quarter of 2015. Arquitectonica designed the tower.

Project amenities include private elevator access for each residence, a waterfront pool deck with an infinity pool, a spa, tennis courts and bayfront park and sculpture gardens. Unit owners also have access to Philippe Starck’s SLS Beach Club in Miami Beach.

Related is one of a growing number of developers to plant its flag in the evolving Edgewater neighborhood. At least 10 condo towers are currently proposed in Edgewater, which covers a 20-block stretch of Biscayne Boulevard from Northeast 17th to 37th streets.

Other projects under construction or planned in Edgewater include Related’s Paraiso Bay, Melo Group’s Bay House and Eastview Development’s Biscayne Beach. — Eric Kalis


Related Articles

arrow_forward_ios
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Related’s Jorge Pérez and Jon Paul Pérez with 1785 Northeast Fourth Street (Related Group, Google Maps)
Related pays $48M for affordable senior housing complex in Boynton Beach
Related pays $48M for affordable senior housing complex in Boynton Beach
788 Northeast 23rd Street (Condo.com, iStock)
Elysee closing tops Miami-Dade’s weekly condo sales
Elysee closing tops Miami-Dade’s weekly condo sales
Ricardo Vadia, Jon Paul Perez, and Oscar Rodriguez with District 225
Developers score $76M construction loan for Airbnb-branded condos in downtown Miami
Developers score $76M construction loan for Airbnb-branded condos in downtown Miami
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Here are the resi projects planned for downtown Fort Lauderdale
Here are the resi projects planned for downtown Fort Lauderdale
Here are the resi projects planned for downtown Fort Lauderdale
Edgewater Tower (iStock)
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...