The Related Group and Rockpoint Group satisfied their $160 million construction loan for Brickell Heights, property records show.
Related broke ground on the two-tower, 690-unit condo development in late 2014, secured its $160.5 million mortgage in April of the following year, and delivered the buildings at 850 South Miami Avenue in June.
It sold out for an estimated $500 million, Related’s condo development division president Carlos Rosso previously told The Real Deal. About half of those closings are completed, according to a press release.
Records filed on Monday show 9SMA LLC and 9SMA West LLC paid off the loan. Both are affiliates of Dallas, Texas-based Rockpoint, one of Related’s partners in South Florida. Wells Fargo was the lender.
It’s the second large loan Related has paid off so far this cycle. In March, Miami’s biggest condo developer along with its partner Fortune International Group satisfied their $102 million construction loan for Hyde Resort & Residences in Hollywood. The Blackstone Group provided that financing.
A handful of other developers have also paid off their construction mortgages as mostly sold or sold out buildings that launched at the start of the cycle get delivered.
In December, Dezer Development announced it had paid off its $214 million construction loan for Porsche Design Tower in Sunny Isles Beach, which it secured from Wells Fargo in 2013. Last month, Two Roads Development and GTIS Partners paid off their $120 million construction loan from a Blackstone fund at 99 percent sold for Biscayne Beach.
Brickell Heights also includes a three-story, 30,000-square-foot Equinox gym, a 6,000-square-foot SoulCycle studio, a pool deck, movie theater, gyms, spas and party rooms.The project was designed by Arquitectonica with interiors by David Rockwell of the Rockwell Group.
Related last week closed on the $17.5 million sale of three commercial units at Brickell Heights to a pair of Miami Beach investors for $17.5 million.