Related, partners close $132M construction loan for Auberge Fort Lauderdale

North tower is more than 90% sold and the south tower is about 30% sold

TRD MIAMI /
Aug.August 23, 2016 05:25 PM

Rendering of Auberge Fort Lauderdale and Jorge Perez

The developers of Auberge Beach Residences & Spa Fort Lauderdale closed on a $132 million construction loan, the Related Group told The Real Deal. 

Related, along with its development partners Fortune International Group, Fairwinds Group and a firm led by Carlos Mattos, obtained the financing from TPG Real Estate Finance, a nontraditional lender. Related has worked with the firm in the past on projects that include SLS Lux Brickell Hotel & Residences.

Buyers at Auberge include Dan Marino, Moss & Associates CEO Bob Moss, Related CEO Jorge Perez and Mattos, a Colombian businessman and Miami real estate investor. Mattos, Fortune and Fairwinds together are 50 percent partners on the project, and Related holds the remaining 50 percent, a spokesperson told TRD.

Related is among the biggest borrowers in South Florida real estate. So far this year, the developer closed more than $780 million in construction financing for projects like the Residences by Armani/Casa (along with Dezer Development) and GranParaiso.

The 171-unit Auberge Fort Lauderdale beachfront development will include two glass towers, a wine room, Auberge restaurant, and a spa. Nichols Brosch Wurst Wolfe & Associates and Meyer Davis Studio are handling Auberge’s design.

Related is delaying construction of Auberge’s sister development, Auberge Residences & Spa Miami, amid a slowing luxury condo market. While sales are ongoing for the Miami project, Related will likely push construction back to at least the end of 2018, sources told previously told TRD.

And Broward typically lags behind Miami in terms of sales. At Auberge in Fort Lauderdale, the north tower is more than 90 percent sold and the south tower is about 30 percent sold, according to the developer. Remaining units range from $1.4 million to $9.9 million. They will be completed between the fourth quarter of 2017 and the second quarter of 2018. Construction began in November.


Related Articles

arrow_forward_ios
Daily Digest Miami

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

Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

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

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

Terra closes on $185M construction loan for latest Coconut Grove project

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

Miami’s biggest condo developer is going micro

Jeffrey Soffer and Jim Cohen

Jeffrey Soffer hires another Turnberry alum to expand resi division

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

arrow_forward_ios