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
1 Pelican Drive, Tim Elmes and Addison Ruff of Compass, Kelly Drum of Drum Realty

Auto magnate buys waterfront Fort Lauderdale house for $9M

Auto magnate buys waterfront Fort Lauderdale house for $9M
Andy Eversbusch and 623 Middle River Dr. (Credit: Google Maps)

Waterfront Fort Lauderdale house sells for $6.8M

Waterfront Fort Lauderdale house sells for $6.8M
150 North Federal Highway and Jaime Sturgis

Downtown Fort Lauderdale dev site hits market for $12.5M

Downtown Fort Lauderdale dev site hits market for $12.5M
Charles and Daneen Stiefel with One Park Grove (Getty)

Pharma mogul Charles Stiefel buys Coconut Grove penthouse

Pharma mogul Charles Stiefel buys Coconut Grove penthouse
Bridge Investment Executive Chairman Robert Morse, Bayview Corporate Tower (Credit: Google Maps)

Bridge Investment sells Fort Lauderdale office building for $83M

Bridge Investment sells Fort Lauderdale office building for $83M
Alex Rodriguez, Tom Murphy, Jorge Pérez, Gil Dezer, and Jackie Soffer (Credit: Michael Loccisano/Getty Images)

Money in the bank: Here are the South Florida real estate players who got PPP loans

Money in the bank: Here are the South Florida real estate players who got PPP loans
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Fourth Avenue Church of God (Google Maps)

Church near Flagler Village to be redeveloped into mixed-use project

Church near Flagler Village to be redeveloped into mixed-use project
arrow_forward_ios

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

Loading...