Related gets $18.5M loan for Marea project

Rendering of Marea at 801 South Pointe Drive
Rendering of Marea at 801 South Pointe Drive

The Related Group continues to have success with construction lenders during the current development cycle.

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A Related affiliate obtained an $18.5 million loan from Regions Bank for its Marea project in Miami Beach, South Florida Business Journal reported. Related has owned the South of Fifth site since 2003. It previously had a mortgage from Wachovia Bank before paying it off five years ago after the real estate crash.

Related is constructing a six-story, 30-unit building at the site. Enzo Enea, Sieger-Suarez Architects and Yabu Pushelberg collaborated on Marea’s design. [South Florida Business Journal]Eric Kalis