The Related Group scored a $47.9 million construction loan to build its New River Yacht Club III project in downtown Fort Lauderdale, adding to its growing presence in the city.
Miami-based Related secured the loan from Truist Financial Corporation. The project is a 230-unit Class A high-rise apartment project that will be jointly developed by Related and Rabina Properties.
Truist was created as a result of the BB&T-SunTrust merger.
The apartment complex will have one-, two-, and three-bedroom apartments. Amenities will include a resort-style pool on the fifth floor, a 1,900-square-foot fitness facility and co-working spaces. There will also be 2,400 square feet of ground-floor restaurant and retail space on the south side of the building. The project is expected to be completed in the second quarter of 2021.
This will be the the third phase of New River Yacht Club. The first phase, a 249-unit luxury apartment building at 400 Southwest First Avenue in Fort Lauderdale, was developed in 2015. The second phase has not been constructed, but is planned to have 349 units.
Known for its condo towers in Miami, Related is expanding its presence in Fort Lauderdale, especially in the multifamily sector.
Related Group has built Icon Las Olas at 500 East Las Olas Boulevard in Fort Lauderdale, which it completed in 2017. The 44-story apartment tower has 272 units. In Fort Lauderdale Beach, Related developed Auberge Beach Residences and Spa, a luxury condo project at 2200 North Ocean Boulevard.