The Related Group secured a $164 million construction loan for a waterfront apartment tower on the site of its planned Baccarat Residences development near downtown Miami.
Truist Bank provided the financing to an affiliate of Coconut Grove-based Related. The loan can be increased to up to $340 million, records show.
The financing is for 444 Brickell Tower II, a 44-story, 506-unit rental building planned for the site at 77 Southeast Fifth Street in the Brickell Financial District, fronting the Miami River. Construction is expected to begin this month, according to a Related spokesperson. John Moriarty & Associates is the general contractor.
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Arquitectonica is designing the luxury rental tower, and Meyer Davis is the interior design firm. The building will include a parking garage, pool deck with cabanas, a bocce court and other amenities. Units will range from studios to three-bedroom apartments.
Related acquired the property, which includes the adjacent site at 444 Brickell Avenue, for $104 million in 2013, records show.
The firm, led by Jorge Pérez and his sons, Jon Paul and Nick, plans a three-tower development on the assemblage, including the 75-story Baccarat-branded condo high-rise and a hotel. Baccarat Residences will include 324 condos, eight penthouses and 28 riverfront flats and duplexes, according to Related’s website. The developer began presales about two years ago and it’s about 90 percent presold, the spokesperson said.
The 4-acre property is home to an office building with a Capital Grille restaurant on the ground floor. Related previously planned One Brickell on the property.
Related Group and Steve Ross’ New York-based Related Companies ended their partnership last year as Related Companies and Ross expanded in South Florida.
Though financing is tougher to come by in today’s high interest rate environment, Related Group also recently secured a $55.7 million construction loan for an affordable housing project in Fort Lauderdale’s FATVillage district.