The Related Group scored a $158.9 million construction loan for an oceanfront condo development in Pompano Beach.
Miami-based Related, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, acquired the financing from the U.S. arm of the Canadian bank CIBC, property records show. The financing is for Casamar Residences, a planned 118-unit luxury project at 900 North Ocean Boulevard in Broward County.
It has become much more challenging to secure construction loans across South Florida due to high interest rates and construction costs, but Related has sold nearly all of the units — 115 of 118 — at Casamar. Those presales total $315 million in dollar volume, according to a spokesperson.
Sales launched in the spring of last year after Related sold out its first development in Pompano called Solemar.
Casamar, designed by Arquitectonica and the Rockwell Group, will have units ranging from 1,000 square feet to 3,900 square feet. Unit prices started at $1.8 million. Wendy Marks Pine is the sales director.
The developer broke ground in May and expects to complete the 21-story building in the third quarter of 2025. Coastal Construction is the general contractor.
In 2021, Related secured an upzoning for the 3.2-acre Casamar property that allows for the taller building.
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Amenities at Casamar will include sunrise and sunset pools, a residents’ lounge, virtual reality golf simulator, a pickleball court and a fitness center.
Related plans more development in Pompano Beach. The Pérez family’s firm partnered with BH Group to acquire the waterfront site at 20 North Ocean Boulevard in June for $47.5 million. New York-based Chetrit Group was the seller of the property. It was approved for a 24-story tower with 77 condos, and a 22-story, 303-key hotel with 49 condo-hotel rooms.
Related is working with BH, an Aventura-based development firm led by Liat and Isaac Toledano, on a number of other projects in South Florida. They include an ultra luxury development on Fisher Island.