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Related Companies scores $140M refi for W Fort Lauderdale
Property went on the market earlier this year expecting $275M
The Related Companies just completed a $140 million refinancing for the W Fort Lauderdale, a 346-room beachfront condo-hotel that it put on the market earlier this year.
KKR Real Estate Finance Trust provided the loan for the property at 401 North Fort Lauderdale Beach Boulevard. Records show it takes over a previous $110 million loan issued in 2014, and added $30 million.
In June, Related hired JLL to shop the beachfront project for $275 million. At that price, the project would sell for $795,000 per key. It still remains unsold.
Related bought the project from the Y Group for $90 million in 2009, and later completed a $55 million renovation of the property.
Last year, Related refinanced about 30 unsold condominium units at its Zaha Hadid-designed tower in New York. The $162 million loan was issued in August 2017 from the same New York-based lender, KKR Real Estate Finance Trust.