Related, Rabina close on $105M loan for Fort Lauderdale tower

The 455-foot tower, now under construction, was first proposed in 1999

TRD MIAMI /
Dec.December 23, 2015 09:45 AM

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.


Related Articles

arrow_forward_ios
Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

(Credit: Getty Images)

All eyes on cranes during Hurricane Dorian

Daily Digest Miami

Ben Carson dismisses concerns about Opportunity Zones, private equity landlord pays $10M for Palm Beach Gardens properties: Daily digest

arrow_forward_ios