Related scores nearly $140M refi of downtown Fort Lauderdale tower

In October, Related Group hired Cushman & Wakefield to sell the property

TRD MIAMI /
Jun.June 13, 2019 10:30 AM
Icon Las Olas and Jorge Pérez

Icon Las Olas and Jorge Pérez

UPDATED, June 20, 11:41 a.m.: Related Group refinanced its Icon Las Olas in Fort Lauderdale to nearly $140 million.

The Miami-based development firm secured a $139.9 million loan from SunTrust Bank with Freddie Mac for its 44-story, 272-unit apartment tower at 500 East Las Olas Boulevard.

The loan comes after Related hired Cushman & Wakefield to market the development in October, according to a property memorandum obtained by The Real Deal.

The project was first proposed in 1999, but faced a number of hurdles – including the collapse of the housing market. Related and Rabina Properties broke ground on the building in 2015, and financed construction with a $105 million construction loan, also from SunTrust. It was completed as an apartment tower in 2017.

The property’s units average 1,516 square feet and rents range from about $3,000 to more than $7,500. Steve Patterson, president and CEO of Related Development, said the building is fully occupied.

Icon Las Olas features three restaurants totaling about 21,415 square feet: Etaru Japanese Bar + Grill, Salt Seven Modern Eatery & Lounge, and IT! Italy Café.

The high-end development would likely set a per-unit record for Broward County when it sells. In 2017, a joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas in downtown Fort Lauderdale for $133.55 million, or $526,000 per unit.

At that per-door price, Icon Las Olas could sell for more than $143 million.

Related plans to break ground this year on another rental tower in downtown Fort Lauderdale similar to Icon Las Olas. A joint venture between Steelbridge Capital and Apollo Global Real Estate Management recently sold the site at 201 Southeast Sixth Avenue to Related for $12 million.

An earlier version of this story included details on the financing from property records. It has been updated to information from the lender. 


Related Articles

arrow_forward_ios
Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Bridge Development Partners partner Southeast Region Kevin Carroll and 3233-3303 Southwest 12th Avenue Fort Lauderdale

Bridge Development sells Fort Lauderdale warehouses for $28M

2300 Aqua Vista Boulevard (Credit: Realtor)

Crane mogul drops $12M on waterfront Fort Lauderdale mansion

400 Northeast Third Avenue, Morgan Group CEO (Credit: Google Maps)

TA Realty drops $112M on apartments in Flagler Village

Matthew Rieger and a rendering of Village View

HTG scores financing for Fort Lauderdale senior affordable housing

Rendering of the project, Victor G. Harvey, Sr. and Flo Rida

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

arrow_forward_ios
Loading...