Related Group JV Scores $360M Construction Loan For Hollywood Condos: The South Florida Deal Sheet
Related Group and BH Group are set to add a couple hundred condos to their inventory.
The developers landed $360M from Tyko Capital to build the Icon Beach Waterfront Residences in Hollywood, according to a release.
Related and BH are planning a 38-story condo tower at 3724 S. Ocean Drive across the street from the Diplomat Beach Resort. Plans include 350 units that range between 950 SF and 2,580 SF, plus 40K SF of amenities. They plan to start construction in May and are targeting completion in 2028.
Residents will have access to a private on-site marina and a full-service beach club. The 40K SF of amenities include an indoor and outdoor health club, a spa, a yoga garden, an outdoor theater, waterfront event space and a café.
The duo purchased the site in 2023 for $30M, The Real Deal reported at the time.
Related, led by Jon Paul and Nick Perez, and BH, led by Isaac Toledano, are also planning a 500-unit condo-hotel on a nearby site in Hollywood and a 138-unit The Ritz-Carlton Residences condo project in West Palm Beach, which broke ground earlier this year.
FINANCING
North River Partners and Amzak Capital Management provided a $68.5M construction loan to an affiliate of Cedarst Cos. for a 215-apartment project in Fort Lauderdale, according to a release.
The 12-story, 350K SF building, dubbed Flats Flagler Gateway, is set to rise at 745 N. Andrews Ave. in a qualified opportunity zone. Construction is expected to commence in May and finish in 2028.
Units will be split into studios and one-to-three-bedroom apartments and will be a mix of market-rate and workforce housing, or units reserved for residents making up to 120% of the area median income. There will be 5,420 SF of ground-floor retail and 283 parking spots.
Ackman-Ziff Real Estate Group’s Andrew Rudy and Jordan Brustein arranged the financing.
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Fortune International Group and Château Group landed a $113M loan from City National Bank of Florida to get started on the second tower of the St. Regis Residences in Sunny Isles Beach, according to a release.
Construction on the 150-unit north tower is expected to begin this summer, while the 170-unit south tower is already underway. Unit pricing starts at $5M.
The two-tower project at 18801 Collins Ave. has 435 linear feet of Atlantic coastline and offers more than 70K SF of amenities, including restaurants and a full-service spa.
Berkadia’s Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson brokered the deal.
CONSTRUCTION AND DEVELOPMENT
The first U.S. location for the hotel brand featured in the third season of HBO's The White Lotus is coming to Miami.
One Thousand Group and Minor Hotels' upcoming Edgewater tower will be branded as the Anantara Miami Resort & Residences, according to a release.
The developers plan to build a 50-story building with 100 condos, 120 resort residences and 50 hotel rooms, with plans to open in 2030. The project will have a heavy focus on wellness and longevity, themes affiliated with the Anantara brand.
Sales, which will be led by One Sotheby's International Realty, are expected to launch this year.
SALES
Blackstone subsidiary Link Logistics purchased a 798K SF industrial assemblage in Boynton Beach from Prologis for $196M, according to property records provided by Vizzda.
The portfolio of nine buildings was built between 2000 and 2005 on 53 acres. The seller entity indicates that Prologis acquired the buildings when it purchased Duke Realty Trust for $26B in 2022.
The largest property Blackstone acquired was the 334K SF warehouse at 1103 W. Gateway Blvd. and 3602 and 3402 Quantum Blvd. for $84M.
The next-largest deal was 266K SF of warehouses at 2017, 2027, 2045 and 2047 High Ridge Road, which sold for $69M. Finally, the 198K SF warehouse at 1920 High Ridge Road sold for $42M.
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An entity tracing to Driftwood Capital purchased a 174-key hotel in Weston for $22.7M, according to property records provided by Vizzda.
Affiliates of Artemis Real Estate Partners sold the six-story, 96K SF Courtyard by Marriott Fort Lauderdale Weston at 2000 N. Commerce Parkway.
Fifth Third Bank provided a $19.2M loan to Driftwood, which will also manage the 24-year-old hotel.
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Butters Construction & Development and Pebb Enterprises purchased two Boca Raton office buildings for $26M, according to a release.
The seller entity, BOA 520 LLC, trace to Michael and Sylvia Kanoff of The Charles Group Hotels. The offices at 2000 Glades and 1951 Wyndham Way total 56K SF and are 75% occupied.
Marcus & Millichap’s Institutional Property Advisors team of Douglas Mandel, Zach Levine and Cody Hershey brokered the sale.
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Kurv Industrial, formerly Bridge Industrial, sold a 380K SF industrial complex in Pompano Beach to an affiliate of Bain Capital Real Estate for $52M, according to property records provided by Vizzda.
Pompano Beach Commerce Park at 1541, 1543 and 1551 to 1571 N. Powerline Road was built in 1984, 1986 and 1999.
Kurv purchased the park in 2021 for $46.2M. Apex Capital Realty’s Ovy Anghel brokered the sale.
MILESTONES
Rosso Development and Midtown Development completed The Standard Residences, obtained its temporary certificate of occupancy and started closings.
The Arquitectonica-designed, 12-story, 228-unit project is the first residential tower to be completed in Midtown Miami in nearly a decade, according to a release.
The residential project at 3100 NE First Ave., which only has five available units left, sits between the Design District and Wynwood.
The 34K SF of amenities include a 60-foot pool, yoga studios, coworking and social lounges, pickleball courts, disco space and restaurants like Rosetta Bakery.
