Related Group nabs $118M condo construction loan for Miami tower

Related Group nabs $118M condo construction loan for Miami tower

Arquitectonica designed ONE Paraiso

An affiliate of the Related Group obtained a $117.5 million loan to help it finish construction of the ONE Paraiso condo tower in Miami’s Edgewater neighborhood.

The waterfront tower at 600 N.E. 31st Street broke ground recently with foundation work by general contractor Plaza Construction, Related Group VP and COO Matt Allen said. In late June, Related Group affiliate Thirty-First Street Property Owner received a construction mortgage from TRG RE Finance, a group of lenders that includes Deutsche Bank.

With a 50 percent deposit requirement, Related Group’s condo projects are largely funded by buyer deposits. Financing is often used to close the gap and finish the project once the majority of the units are under contract.

ONE Paraiso will have 272 units in 53 stories. It was designed by Arquitectonica and will include a pool deck, infinity edge spa, tennis courts, a fitness center, a beach club, and a curated art collection.

“We are 99 percent-plus sold out in that building,” Allen said. “That whole area is doing well.”

Related Group’s Paraiso Bay is already under construction there. Allen said Paraiso Bayviews will begin foundation work in several weeks and close a construction loan. The fourth tower there, Gran Paraiso, has now started sales.

This is one of the many new condo towers going up in Edgewater just north of downtown Miami. The neighborhood is peppered with high-rise residential towers to the east by Biscayne Bay, with historic homes elsewhere in the neighborhood. The area has gained in popularity because of its proximity to downtown and areas, such as the Design District and Wynwood.

Arquitectonica designed ONE Paraiso

Arquitectonica designed ONE Paraiso

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Story by:Brian Bandell –  | Updated Photo Courtesy: Biz Journals

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