$166.1 million in construction loans have been awarded to Related Group for their development of the SLS Lux Brickell Hotel and Residences.
AMCO PRH 801 South Miami Avenue, a partnership between Related and the Allen Morris Company, took out the loan together from commercial real estate debt platform, TPG Real Estate.
The Lux project includes 450 residential units and 84 hotel suites. Amenities include three pools, a spa and tennis court, to name a few. In addition, SBar Lounge and a restaurant led by chef Katsuya Uechi will serve guests and residents alike.
Development began back in December of 2014. Developers expect to complete the project in 2017 if all goes according to plan. Developers report that over 92% of the units have already been pre-sold.
“Despite how competitive the market has grown, lenders are still eager to work with developers who come to the table with a solid track record and a project thoughtfully designed for success,” said Ben Gerber, Related Group's vice president of finance.
Source: therealdeal.com
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