Related Group obtains $70M loan to build hundreds of apartments

Published on September 14, 2021

An affiliate of the Related Group obtained a $69.86 million construction loan to build apartments with ground-floor retail space in Miramar. The city of Miramar sold the 3.74-acre site at 1 Main St., in its Miramar Town Center project, for $3.2 million to RD Manor Miramar LLC, an affiliate of Miami-based Related Group, in partnership with Boston-based Rockpoint Group. The city agreed to this deal in 2019 following a request for proposals process. Wells Fargo Bank provided the mortgage to the developer. The project is expected to break ground in the first half of October. Designed by the Miami office of Stantec, Manor Miramar would rise eight stories, with 393 apartments in 362,882 square feet, about 28,000 square feet of retail, and a 650-space parking garage. The developer agreed to lease half of the retail space to the Miramar police. The project would include 40 units of workforce housing...

Source: Bandell, B. (2021, September 14) "Related Group obtains $70M loan to build hundreds of apartments in Broward" South Florida Business Journal