Related nabs $95M in financing for Paraiso Bayviews

Miami /
Dec.December 23, 2015 03:45 PM

On the heels of securing a quarter of a billion dollars in financing for condo projects in Fort Lauderdale and Coconut Grove, the Related Group said Wednesday that it has closed a $94.93 million construction loan for Paraiso Bayviews in Miami’s Edgewater neighborhood.

Bank of the Ozarks is the lender, Related said in a release.

Paraiso Bayviews is the third of four towers to rise in Related’s Paraiso mega-development. The fourth and final, GranParaiso, is expected to close on a construction loan in early 2016, the company said. Related first entered Edgewater in 2012 with its recently completed IconBay.

“This closing re-affirms the commitment of our lenders who, while becoming much more selective, are bullish on South Florida,” said Ben Gerber, vice president of finance for the Related Group, in a statement.

During the past three months, Related has closed on $525 million in construction financing as it forges ahead with its condo projects.

Within just the past week, as it wraps up financing for the year-end, it has secured $145 million for its Park Grove project that it is developing in partnership with Terra Group, and $105 million for Icon Las Olas in Fort Lauderdale, which it is developing with Rabina Properties.

The Paraiso towers have been designed by Arquitectonica, with landscaping by Enzo Enea. Piero Lissoni is handling some of the interior design for the project. Paraiso Bayviews’ interiors will be designed by Karim Rashid.

Paraiso has already attracted a variety of high-profile athletes and celebrities, including DJ and music producer David Guetta, Barcelona-born World No. 1 tennis champion Arantxa Sánchez Vicario, and NBA champion Manu Ginóbili, Related said.

Most recently, New York Yankees star Alex “A-Rod” Rodriguez, scored a 3,200 square-foot penthouse in the GranParaiso tower.

The Paraiso project’s amenities include a private tennis center, three bowling alleys, a hammam spa and an art collection that includes a black marble sculpture by Uruguayan master sculptor Pablo Atchugarry.

The project will also house Paraiso Beach Club — featuring an original restaurant concept by chef Michael Schwartz and interiors designed by New York’s Meyer Davis. — Ina Cordle


Related Articles

arrow_forward_ios
Jon Paul Pérez and Gil Dezer with Residences by Armani/Casa
Related, Dezer report nearly $1B sellout at Residences by Armani/Casa
Related, Dezer report nearly $1B sellout at Residences by Armani/Casa
Jorge, Jon Paul and Nick Pérez (Photos by Studio Scrivo)
Related Group’s condo kings expand their realm
Related Group’s condo kings expand their realm
Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Daniel Sundheim and 2850 Tigertail Ave (Getty/Patrick McMullan, Related)
Daniel Sundheim’s D1 Capital Partners inks 10-year Miami office lease
Daniel Sundheim’s D1 Capital Partners inks 10-year Miami office lease
Related's Jorge Perez, Metro's Daniel Hughes and Terra's David Martin with Two Park Grove
Commercial brokerage chief buys PH at Two Park Grove for $10M
Commercial brokerage chief buys PH at Two Park Grove for $10M
The complex at 10900 Town Circle with (from left) Group chair and CEO Jorge Pérez and President Jon Paul Pérez and Pantzer Properties co-CEOs Jason and Jordan Pantzer (The Point at Wellington, Related, Pantzer)
Related Group sells Royal Palm Beach apartments for $119M
Related Group sells Royal Palm Beach apartments for $119M
Shari Neissani with The Collective Wynwood and Jorge Perez with Paseo del Rio. (Getty, LinkedIn via Neissani, The Collective, Paseo del Rio)
Miami board approves projects in Wynwood and Little Havana
Miami board approves projects in Wynwood and Little Havana
Don Peebles, Jorge Perez and Barry Sternlicht with the Clevelander hotel (Getty, iStock)
Alcohol rollback on Ocean Drive pits developers against business owners
Alcohol rollback on Ocean Drive pits developers against business owners
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...