Related Companies Raises Debt on CityPlace Building to $200M
Ares provided the new $67M refinancing
By Julia Echikson December 9, 2024 2:32 pm
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Stephen Ross’s Related Companies has refinanced a building within its CityPlace mixed-use complex in West Palm Beach, Fla., nabbing an additional $67.1 million from Ares Commercial Real Estate, property records show.
The 181,534-square-foot building, completed in 2000 at 700 South Rosemary Avenue, stretches from Okeechobee Boulevard to Hibiscus Street. Tenants include furniture stores Herman Miller and West Elm, restaurants True Food Kitchen and Planta, and coworking operator Venture X.
New York-based Related grew the mortgage that dates back to 2018, and has $133 million outstanding, according to records. The additional $67.1 million in debt brings the total financing to $200.1 million and replaces a previous loan from Luxembourg’s B2.
The new financing comes as CityPlace undergoes a major transformation to accommodate a crop of new-to-market companies. Related has announced plans to build two office buildings, totaling nearly 1 million square feet, across the street from the newly refinanced property.
The Laurel, a 21-story, 322-unit luxury rental building, is expected to be completed next year. Its retail component will include a 35,000-square-foot Equinox, furniture store Crate Barrel, and buzzy activewear brand Alo Yoga. Italian food hall Eataly will open within the historic Harriet Himmel building, a 100-year-old theater, which anchors CityPlace.
A representative for Related Companies did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
