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