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South Florida

Related’s RD Fountainebleu gets $61M construction loan for Doral View

Doral View
Rendering of Doral View Apartments

Related Group is continuing a borrowing spree in order to build rental communities in some of South Florida’s hottest rental markets.

Related’s RD Fountainebleau early this week secured a $61.4 million construction loan to build the second phase of Doral View Apartments, according to public records. Regions Bank was the lender.

Once completed, the entire garden-style community, at 901 Northwest 97th Avenue, will have 360 units spread among 14 three-story buildings south of Doral and minutes away from Miami International Mall.

The project will consist of 168 one-bedrooms, 144 two-bedrooms and 48 three-bedrooms. The apartments will range in size from 694 square feet to 1,268 square feet. The amenities will include two pool and sun deck areas, a gym, spa, cybercafe and gaming center.

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Construction of Doral View began in 2012, and Related is already leasing the finished units.

The loan closed two days after Related’s RD Davie obtained a $27.1 million construction loan also from Regions Banks to build Lakeview Residences, a 240-unit garden apartment community at the corner of University Drive and Stirling Road in Davie. The Davie location is a highly desirable rental market because of its proximity to Nova Southeastern University, Broward College, Florida International University and Florida Atlantic University campuses, home to thousands of students who want to live near school.

In August, Related’s RD Pembroke Pines obtained a $49 million construction loan to build an apartment complex in Pembroke Pines. The lenders were Bank of America and Cadence Bank.

These rental developments are part of 1,100 new units that Related announced in September it would be building throughout South Florida, including Delray Beach, Pembroke Pines and Doral. The company is responding to a growing demand for rental units in areas with a large employment base.