Related Group and Dezer Development received back-to-back good news for their Rosewood Residences luxury condo project planned in Hillsboro Beach.
After securing $307 million in construction financing for the 92-unit development planned for 1174 and 1185 Hillsboro Mile, the developers on Tuesday secured approval from the town to build their project under new coastal regulations, according to a press release.
An affiliate of New York-based Apollo Global Management is providing the financing, records show. The $281 million loan can be increased to $307 million. Construction is expected to start by the end of this year and the project would be completed in 2026, according to the release.
Rosewood Residences is more than 50 percent presold, the release shows. The 10-story project will include 70 beachfront condos, 22 units on the Intracoastal Waterway and 11 boat slips. The units will range from 2,800 square feet to 6,400 square feet. Unit prices start at $5.8 million.
Arquitectonica designed the development with interior design firm Studio Piet Boon.
Amenities will include a wellness center with a spa and salon, two gyms, sports courts, an oceanfront pool and spa, and beach access with food and beverage service and cabanas. A high-end restaurant is also planned.
The town commission unanimously approved the project under the Coastal Dune Conservation District on second reading this week, the release states. It requires the protection and preservation of the beach and dunes, dedicated conservation areas and more open space, attorney Jeff Bass said in a statement. Bass represented Related in the approval.
Related and Dezer had originally sought to build a 15-story development, and later secured a zoning variance that allows for a shorter, 130-foot-tall building.
Sunny Isles Beach-based Dezer, led by Gil Dezer, acquired the nearly 12-acre development site out of bankruptcy for $28.5 million in 2016. The firm then sold the assemblage to a joint venture with Coconut Grove-based Related for $30 million in late 2020.
Though it’s the only branded condo in the works in Hillsboro Beach, the Rosewood project is the second Rosewood-branded condo development planned in South Florida, after one in Miami Beach. They are among dozens of branded residential projects in the pipeline.
Related and other condo developers have successfully secured large construction loans for their projects this year, despite a challenging financing landscape. Condo developers can tap into buyers’ deposits to fund construction, lowering the lenders’ risk.
Related, Rockpoint and Two Roads Development closed on a $424 million construction loan for Rivage Residences, a planned luxury oceanfront condo project in Bal Harbour, in November. Adi Chugh’s Tyko Capital is the lender.
Tyko, Chugh’s private equity and credit investment management firm, also provided Related and Integra Investments with a $527 million loan for their St. Regis Residences, Miami condo project in September.
Read more
Development
South Florida
Construction lending swells in South Florida, bucking the national trend. Here’s why