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The Related Group Gets $190M Loan

MIAMI-The construction loan, through Bank of America, is to fund the downtown Miami waterfront condominium project One Miami. The development will feature 896 residences in two towers, 44 and 45 stories. The units are more than 90% sold.

By Melissa Bogdany | Updated on May 21, 2003

MIAMI-The Related Group of Florida, based in Coral Gables, FL, has obtained a $190 million construction loan through Bank of America for the landmark One Miami condominium project it is developing downtown. It is perhaps the largest loan of this type to originate in the city and one of the largest loans Bank of America’s Real Estate Banking Group has issued nationwide, according to a statement.

One Miami, a waterfront development, will be the biggest residential project in downtown Miami. It will feature 896 residences in two towers reaching 44 and 45 stories. As of press time, the development was more than 90% sold.

The project is serving as a catalyst for the several thousand units planned for development in the downtown area in three to five years.

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