The Related Group closed on financing for its two-tower luxury rental project planned for West Palm Beach.
An affiliate of the Miami-based developer secured a $95 million loan from Santander Bank for 4444 and 4334 North Flagler Drive, where it’s planning Icon Marina Village, records show. Related transferred ownership of the 5-acre waterfront property to RD IMV Owner LLC, also managed by Related, for $5 million.
Related is moving forward with construction of both towers, which will have 399 luxury rental units, a shared courtyard with a pool and a beach club. As part of the master plan for the area, another 650 units could be built on the 19-acre assemblage. It’s near the superyacht marina owned by Wayne Huizenga Jr.
Arturo Peña, vice president of development at Related, said in a statement that construction began earlier this month with general contractor Balfour Beatty. The developer plans to open its permanent leasing office in October 2022, and have the first residents move in before the end of that year.
V Starr, Venus Williams’ interior design firm, will design the north tower’s interiors.
“Being on the water and next to one of the largest megayacht marinas in the world gives this project a unique advantage over all the other planned apartment projects in town,” Peña said in a statement.
When completed, the master-planned, multi-phased development could have as many as six towers.