Related borrows $52 million to build PB County rentals

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

TRD 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
Nick Pérez and Solemar (Courtesy of Related)

Related Group launches sales of first SoFla condo project since 2016

Related Group launches sales of first SoFla condo project since 2016
Top developers on their reasons for doubling down in South Florida market

Top developers on their reasons for doubling down in South Florida market

Top developers on their reasons for doubling down in South Florida market
Tomas Sulichin (center) with Jorge Pérez and Craig Studnicky

RelatedISG hires Tomas Sulichin to lead newly relaunched CRE division

RelatedISG hires Tomas Sulichin to lead newly relaunched CRE division
From left: Henry Torres, Jorge Perez, Alicia Cervera Lamadrid, Gil Dezer and Joseph Kavana (iStock)

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
Related Group Senior VP of Development Bill Shewalter and a site plan of the project (Related Group)

Related plans low-rise multifamily project in Hollywood

Related plans low-rise multifamily project in Hollywood
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
Ed Easton and 501 103rd Avenue North (Google Maps)

Easton Group sells Royal Palm Beach warehouse for $16M

Easton Group sells Royal Palm Beach warehouse for $16M
arrow_forward_ios

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

Loading...