Stephen Ross Lands $250M to Refi New Luxe Rental in West Palm

Stephen Ross has landed yet another debt package in West Palm Beach, Fla. This time, it’s for a new, luxury rental property called The Laurel.

An affiliate of Ares Management assumed a loan, which has $140 million outstanding, and increased it by $110 million, bringing the total debt on the 304,000-square-foot property to $250 million, according to mortgage documents.

Ross’s firm Related Ross completed the 322-unit building last year. The 21-story property, which houses Alo Yoga and Crate & Barrel stores on the ground floor, sits within Ross’s mixed-use CityPlace outdoor mall at 635 Hibiscus Street. 

Since stepping down from Related Companies, the Manhattan-based real estate behemoth he founded, and launching Related Ross in 2024, Ross has zeroed in on West Palm Beach, with the mission of turning the city into a leading business hub.

360 Rosemary, Ross’s office building completed during the pandemic, has attracted high-profile finance tenants, including Goldman Sachs, J.P. Morgan and Elliott Investment Management. This year, the developer completed another office building, One Flagler, which he refinanced with $340 million from merchant bank BDT & MSD Partners in August.

Related Ross is also in negotiation to land about $700 million in construction financing to build two office buildings within CityPlace. In June, the firm obtained a $600 million package to build a luxury 108-unit waterfront condo building designed by RAMSA, the architecture firm founded by Robert A.M. Stern.

A representative for Ares declined to comment, while a spokesperson for Ross did not respond to a request for comment.

Update: The article was updated to reflect that Ares Management, not its real estate investment trust, Ares Commercial Real Estate, is the lender.

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