Related borrows $52 million to build PB County rentals

The developer expects to finish construction of the 392-unit Town Southern project next year

Miami /
Aug.August 26, 2017 10:00 AM

A division of Miami-based Related Group obtained a $52 million loan to finance construction of its Town Southern rental apartment complex in Royal Palm Beach, scheduled for completion next year.

JP Morgan arranged the  loan for construction of the garden-style, 392-unit project on behalf of Related Development LLC, the mixed-use and multifamily development division of Related.

The 29-acre development site is just south of Southern Boulevard in Royal Palm Beach,  a small municipality just west of West Palm Beach

Town Southern will have one-, two- and three-bedroom apartments with attached garages. Interior features include European cabinetry, quartz granite counter tops and designer bath vanities with custom-framed mirrors.

Common-area amenities at the Related development will include a private theater, 24-hour gym, steam room, WiFi-equipped conference room, and a yoga and virtual spinning room.

Outdoor features will include a swimming pool, poolside cabanas and day beds, an outdoor billiards area, a bocce court, putting green, and volleyball and tennis court.


Related Articles

arrow_forward_ios
From left to right: David Edelstein, Nick Perez, Alex Karakhanian, Scott Sherman and Ben Mandell with the location (Google Maps, Related, Getty)
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Jorge and Darlene Pérez with the home (Compass, Getty)
Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds
Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds
9801 and 9901 Belvedere Road in Royal Palm Beach (Google Maps)
Acquest Development buys Royal Palm Beach offices for $23M
Acquest Development buys Royal Palm Beach offices for $23M
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Related's Jorge and Jon Paul Perez Carlton, Two Roads' Reid Boren and Taylor Collins with Carlton Terrace at 10245 Collins Avenue (Related, Two Roads, Google Maps)
Related and Two Roads to pay about $130M for the oceanfront Carlton Terrace condo building in Bal Harbour
Related and Two Roads to pay about $130M for the oceanfront Carlton Terrace condo building in Bal Harbour
Related Group's Jon Paul Perez and Jorge Perez with the New River Yacht Club apartments (Related)
Related Group sells downtown Fort Lauderdale apartments for $85M
Related Group sells downtown Fort Lauderdale apartments for $85M
Related Group scores $84M construction loan for Fort Lauderdale apartment tower
Related Group scores $84M construction loan for Fort Lauderdale apartment tower
Related Group scores $84M construction loan for Fort Lauderdale apartment tower
arrow_forward_ios

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

Loading...