Related Group Scores $91M Loan for Solemar Mid-Construction
By Julia Echikson September 17, 2021 2:15 pm
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The Related Group scored a $91 million loan mid-construction for its Solemar development in Pompano Beach, Fla., property records show.
The Miami-based firm, commonly credited as being the largest condo developer in South Florida, broke ground for the 20-story oceanfront condo in May 2021. Located at 1116 North Ocean Boulevard, the 105-unit development is already 97 percent pre-sold, with starting prices at $1.3 million, according to the South Florida Business Journal, which first reported about the mortgage.
The loan from CIBC Bank marks Related’s first for the project. It purchased the 2.25-acre parcel for $6.25 million back in 2011, per records.
As condo sales prices surge across South Florida, the Related Group is doubling down on Pompano Beach, a sleepy town situated between Fort Lauderdale and Boca Raton.
Just this week, the Pompano Beach City Commission approved a proposal to rezone a nearby site, at 900 North Ocean Boulevard, where Related is planning another high-rise condo. The rezoning hiked the site’s maximum building height from 105 feet to 232 feet. While the existing apartment which sits on the land has yet to be terminated, Related plans to build a 21-story condominium there.
Julia Echikson can be reached at jechikson@commercialobserver.com.
