Related scores $91M construction loan for luxury condo tower in Pompano Beach

The 105-unit development is 95% presold

Miami /
Sep.September 17, 2021 08:45 AM
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)

Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)

Related Group secured a $91.3 million construction loan for Solemar, an oceanfront condo project it broke ground on in May.

Records show an affiliate of the Coconut Grove-based developer secured the financing for the Pompano Beach development from Toronto-based CIBC Bank.

Related launched sales of the 105-unit, 20-story project at 1116 North Ocean Boulevard a year ago. It is now 95 percent presold, according to a spokesperson. Nick Pérez, a vice president at his father’s firm, is leading the project alongside his brother, Jon Paul Pérez, who is president of Related. Solemar marked the first project that Related launched sales of since 2016 and it will be the second new development to be built on the beach in Pompano since Sabbia Beach was delivered in 2018.

Units are averaging about $800 per square foot. Related Realty is handling sales, with prices that started at $1.3 million for two-bedroom units on the lower floors of the building. Units range from 2,000 square feet to 2,600 square feet, and the three penthouses will span 4,600 square feet.

Fortune International Group and GT Homes USA are among the developers with oceanfront projects in the pipeline. A year ago, Fortune paid $27.5 million for a large site where it’s planning two luxury condo towers. On a smaller scale, GT Homes is working on completing a boutique townhouse development.

Related was one of the first developers to begin selling condo projects during the pandemic. The market has bounced back, in part due to a very limited supply of high-end homes.





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