Jorge Pérez’s Related Group scored an $84 million construction loan for a new high-end apartment tower in Fort Lauderdale.
The Coconut Grove-based developer plans to build the over 40-story tower with more than 300 units at 201 and 227 South Federal Highway, records show. Bank of America is the lender.
Related bought the property in 2018 for $12 million, property records show. The tower received Federal Aviation Administration approval in January.
This would be at least the second Related project along and near Las Olas Boulevard, as the developer also built the 44-story, 272-unit Icon Las Olas. It opened in 2017 at 500 East Las Olas Boulevard.
Related’s Pérez, originally known as Miami’s “Condo king” for being the biggest condominium developer in town, in more recent years has expanded to develop other asset classes. The company has roughly $13 billion worth of projects in the pipeline in the U.S. and Latin America.
Pérez, Related’s chair and CEO, named his son, Jon Paul Pérez, president of the company last year.