Related Group Lands $100M Construction Loan for North Miami Rental
By Julia Echikson January 18, 2024 11:43 am
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Jorge Pérez’s Related Group scored a $100.4 million construction loan for a mixed-use development on the former Johnson & Wales University campus in North Miami, Fla., property records show.
The financing from Santander Bank will go toward building Manor Biscayne, a 372,559-square-foot building with 382 rental units. The eight-story project will also feature 9,335 square feet of retail and 668 parking spots.
Last year, the Miami-based developer purchased the 3-acre site at 1650 NE 124th Street, a block west of Biscayne Boulevard, for $13.7 million, according to property records. About one half of the parcel remains vacant, while the other half serves as a surface parking lot.
Johnson & Wales University closed its campus in 2021 and sold off the property to developers. In 2022, Property Market Group purchased a 25-acre portion for about $60 million three blocks north of Related’s site.
Despite increased interest rates, Related has managed to secure sizable construction loans in recent months. In December, the developer, in partnership with Alta Developers, secured $240 million to build a 56-story luxury condo tower next door to the Adrienne Arsht Center for the Performing Arts in Miami.
A representative for Related did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
