As the year comes to a close, Related Group is wrapping up financing on some of its projects, including a $105 million construction loan for the long-delayed Icon Las Olas tower.
Broward County records show Related and Rabina Properties scored financing for the 455-foot tall condo tower at 500 East Las Olas Boulevard in Fort Lauderdale. SunTrust Bank is the lender.
The 272-unit project broke ground in February and is slated for completion during the second quarter of 2017, according to a press release. The project was first proposed in 1999, had been opposed in court, and was stymied by the collapse of the housing market. Market conditions kept the project in limbo until the turnaround.
In a statement, Related’s vice president Patrick Campbell said in the release that “only a developer with Related and Rabina’s proven track record and knowledge of the Broward market would have the confidence to stand by the project and see it through to completion.”
A Rabina affiliate bought the development site in 1998 for $2.5 million, according to Broward County property records. Since then, it has traded hands between Rabina and Related affiliates. Rabina Properties, based in Scarsdale, New York, owns, develops and manages more than 12 million square feet of retail, residential, office and technology real estate, according to its website. In South Florida, the firm owns the JCPenney at Dadeland Mall, a mixed-use parking garage at 500 Alton Road in Miami Beach, and along with Related, the New River Yacht Club Residences in Fort Lauderdale.
A Related and Terra Group joint venture closed on about $145 million in financing last week for Park Grove, a luxury residential development in Miami’s Coconut Grove neighborhood.