The Real Deal Miami

Related gets $46M refi for One Ocean

Transaction includes $29M in fresh capital for luxury South Beach project
By Eric Kalis | March 05, 2014 09:45AM

One Ocean rendering

One Ocean rendering

The Related Group has obtained a $45.7 million refinancing for its luxury One Ocean project in Miami Beach, The Real Deal has learned.

TRG – Block One received the loan from a group of lenders managed by Regions Bank on Feb. 26, according to Miami-Dade County records. The county recorded the transaction on Monday. The refinancing consolidates an existing City National Bank of Florida loan that has a nearly $17 million balance with about $29 million in fresh capital.

The new loan matures in February 2017. Related has the ability to borrow up to $91.4 million over the next three years.

Related began construction of One Ocean last summer. The 1 Collins Avenue project includes 46 units and four ocean villas. Prominent Mexican architect Enrique Norten designed the development, with Enzo Enea handling landscape work and Yabu Pushelberg designing interiors.