Related Group Lands $231M to Build Luxury Fort Lauderdale Condo

Related Group has secured $230.8 million in construction financing from Apollo Global Management to build Broward County’s tallest building, property records show.

The luxury condo development called Andare Residences will rise 47 stories with 163 condo units at 521 East Las Olas Boulevard in Downtown Fort Lauderdale, at the corner of Federal Highway. The tower is being designed by Italy-based architecture firm Pininfarina. 

Apollo’s Athene Annuity and Life Company boosted a loan with $14.8 million outstanding by $216 million, bringing the total financing to $230.8 million, according to mortgage documents. 

The 540-foot-tall high-rise is over 50 percent pre-sold, per Related Group, Miami’s largest condo developer, which paid $ 17.1 million for the 0.7-acre site between 2020 and 2022. Construction started last week.

“We’ve spent years getting to know this market and contributing to its transformation, but it’s been 20 years since a property of this caliber has risen above Las Olas,” Nick Pérez, president of Related’s condominium division, said in a statement. “With Andare, we’re proud to be writing downtown’s next chapter, offering an elevated living experience in the heart of the city.”

Despite macro headwinds, such as elevated interest rates and a softening economy, South Florida condo projects are still managing to secure financing, in part thanks to strong pre-sales.

Last week, developer Giuseppe Iadisernia obtained a $112 million construction loan for a second condo tower in Hallandale Beach. Last month, PMG scored a $413 million loan to build a two-tower condo and multifamily project in Miami’s Brickell. 

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