Related and Dezer Land $307M From Apollo to Build South Florida Condos

Another day, another mammoth construction loan for Jorge Pérez’s Related Group. 

The Miami-based developer, alongside Gil Dezer’s Dezer Development, secured $307 million to build a 10-story oceanfront, Rosewood-branded luxury condo development in Hillsboro Beach, Fla.

The financing from Apollo Global Management (APO) covers a 10-story condo building with 70 units as well as a three-story overlooking the Atlantic Ocean as well as a three-story condo building, housing 22 units, across the street overlooking the Intracoastal Waterway at 1174 and 1185 Hillsboro Mile, about 10 miles south of Boca Raton. Amenities will include 11 boat slips, a pool, a beach club, a fitness center and tennis courts. 

Construction is expected to be completed in 2026. So far, over half of the homes have gone under contract, according to a spokesperson for Related, who declined to provide the total dollar amount. Prices for the remaining units start at $5.8 million.

Related Group purchased the 11.8-acre site for $30 million four years ago, property records show. 

The Rosewood Residences Hillsboro Beach development struggled to secure approvals at first. In 2023, the Broward County Circuit Court struck down the Hillsboro Beach Town Commission’s approval for the 10-story project through a variance. Last month, the commission created a coastal dune conservation district, paving the way for the luxury development, which is three stories taller than many of the surrounding buildings. 

The Apollo loan marks the latest construction financing for an oceanfront condo development spearheaded by Related Group. Last month, the developer secured $424 million from Tyko Capital to build the Rivage Residences in Bal Harbour. 

In September, the Elliot Management-backed lender also supplied $527 million to build Related’s St. Regis-branded condo tower in Miami’s Brickell neighborhood.

Julia Echikson can be reached at jechikson@commercialobserver.com.