The Related Group has received a $166.1 million construction loan for SLS Lux Brickell Hotel & Residences, the developer announced on Monday.
Construction of SLS Lux Brickell
AMCO PRH 801 South Miami Avenue, a joint venture between Related and the Allen Morris Company, closed on the mortgage. Commercial real estate debt platform TPG Real Estate is the lender.
The tower, on South Miami Avenue and Southeast Eighth Street, will include 450 residential units and 84 hotel suites. Amenities will include a tennis court, three pools, and a full-service spa. Sbe will be the food and beverage operator, including SBar Lounge and a restaurant on the ground floor led by chef Katsuya Uechi.
The development, which broke ground in December, is slated for completion in 2017. It’s more than 92 percent sold, according to Related.
“Despite how competitive the market has grown, lenders are still eager to work with developers who come to the table with a solid track record and a project thoughtfully designed for success,” Ben Gerber, Related’s vice president of finance, said in a statement.
SLS Lux‘s sister property, SLS Brickell Hotel & Residences, topped off construction and will open mid-2016. In December, Related and sbe closed on a $157 million loan for SLS Brickell.
Both are within walking distance of Brickell City Centre, which when completed will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel.