The Related Group and Dezer Development just sealed a $114.7 million financing deal for their upcoming Hyde Midtown condo project in Miami.
The loan covers Hyde Midtown’s development site at 3401 Northeast 1st Avenue right in the heart of Midtown Miami. It was issued by an affiliate of Mack Real Estate Credit Strategies, a New York lending firm that’s tied to the Mack Real Estate Group.
Related and Dezer broke ground on Hyde in September and expect to wrap up work on the 31-story tower by the end of 2017. It’s slated to bring 60 hotel rooms and 410 condos to the neighborhood.
A fourth quarter report from brokerage ISG World said sales at Hyde stood at 65 percent by the end of 2015. The project launched sales in 2014.
Hyde Midtown’s amenities will include a pool deck, spa and fitness facilities, plus event and meeting spaces. Units at the building range in price from the low $400,000s to $2 million.
Correction: A previous version of this article incorrectly stated Hyde Midtown was slated to be 60 stories tall. It will actually be 31 stories.