Related Group nabs $48M loan for downtown Fort Lauderdale apartments

New River Yacht Club III will have 230 units

TRD MIAMI /
Dec.December 24, 2019 01:30 PM
Jorge Perez and New River Yacht Club III

Jorge Perez and rendering of New River Yacht Club III

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.


Related Articles

arrow_forward_ios
John Sasso and 1020 Northeast 7th Avenue (Credit: Google Maps)

Fort Lauderdale apartment portfolio sells for $10M

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

The property and Jonathan Salk (Credit: Google Maps)

Liberty Property Trust sells Fort Lauderdale industrial buildings

Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

David Edelstein and a rendering of the Wynwood site

David Edelstein sells Wynwood site to AMLI for $35M

Brightline president Patrick Goddard and Park-Line Miami (Credit: iStock)

Brightline launches leasing of apartment towers at MiamiCentral

From left: Hernando Perez, Joe Rubin and Oscar Banegas, with 14255 – 14460 NW 22nd Avenue

Miami investor buys Opa-locka apartments for $8M

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

arrow_forward_ios
Loading...