search

The Real Deal Logo

Trending

Brookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapsesGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it out
South Florida

Related gets $46M refi for One Ocean

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.

Sign Up for the undefined Newsletter

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.

Tags
BanksOne OceanReal Estate CompaniesReal Estate GroupsRelated Group