Related, sbe get $157M construction loan
Canyon Capital Realty Advisors has issued a $157 million construction loan to the developers of the SLS Brickell Hotel and Residences project.
The developers, Related Group of Florida and sbe, will use the financing to build a 54-story luxury mixed-use tower that will include 453 condos and an SLS branded hotel at 1300 South Miami Avenue, according to Canyon Capital.
“Our hospitality expertise played a critical role in the borrower’s decision to work with us,” Ronald C. Muzii, Jr., the South Florida-based senior director with Canyon Capital Realty, said in a press release announcing the loan. “Related knew we were an experienced condominium construction lender, but SBE knew that Canyon had extensive nationwide hotel experience as well which would be crucial in getting this deal done.”
This is not the first time the firm has invested in the Brickell submarket. The firm provided a $130 million construction loan for Brickell World Plaza, a new Class A office tower at 600 Brickell, and helped finance Echo Brickell, a 57-story luxury residential condominium development, the release said.
This is Canyon Capitol’s 13th transaction in Florida since 2010. – Heather Grossmann