The Real Deal Miami

Related’s Paraiso Bay gets $93M construction loan

SunTrust Bank granted the loan
China Construction now owns Plaza Construction, the general contractor for Paraiso Bay.

Related’s Paraiso Bay gets $93M construction loan

SunTrust Bank gave a $92.62 million construction loan to the Paraiso Bay condo tower in Edgewater being developed by the Related Group.

The loan was obtained by PRH NE 31st Street LLC, an affiliate of Related, according to a published report.  

The 53-floor luxury tower designed by Arquitectonica is scheduled for completion in 2016 and will have swimming pools and tennis courts, among other amenities.

One Paraiso, also by Related, is going up nearby. [South Florida Business Journal] Heather Grossmann