The Related Group has obtained a $45.7 million refinancing for its luxury One Ocean project in Miami Beach, The Real Deal has learned.
TRG – Block One received the loan from a group of lenders managed by Regions Bank on Feb. 26, according to Miami-Dade County records. The county recorded the transaction on Monday. The refinancing consolidates an existing City National Bank of Florida loan that has a nearly $17 million balance with about $29 million in fresh capital.
The new loan matures in February 2017. Related has the ability to borrow up to $91.4 million over the next three years.
Related began construction of One Ocean last summer. The 1 Collins Avenue project includes 46 units and four ocean villas. Prominent Mexican architect Enrique Norten designed the development, with Enzo Enea handling landscape work and Yabu Pushelberg designing interiors.