Of the financing, Comerica Bank, with participation from Bank of Nova Scotia, is providing $42 million in construction financing. In addition, The Related Group has obtained $4.4 million in mezzanine financing from City National Bank.
Including the $46 million for The Slade, financing this year for projects The Related Group is developing in Palm Beach, Broward and Miami-Dade counties totals approximately $700 million.
The Slade, which broke ground recently at 1551 N. Flagler Dr., is a $60 million development. It is expected to be completed in December 2004. Preconstruction prices for one- to three-bedroom units fully finished range from the low $200,000s to the $700,000s. The project was 85% sold at press time.
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