Related Deeds 57-Story Towers to Lender

MIAMI-The Miami-based Related Group gave back two of the three towers at the approximately $1 billion Icon condominium/hotel development on Miami’s Brickell Avenue to its lender, a syndicate of banks led by HSBC. On May 11, developer Jorge Perez, chairman and chief executive of Related, gave the lenders a deed in lieu of foreclosure, after months of negotiations.

Although two thirds of the ICON property no longer belongs to Related, Perez, known for his successful projects in South Florida and elsewhere, until the economy turned sour, will stay on as co-manager of the project and has entered into an agreement with Miami-based Fortune International, to co-manage the project’s sales and marketing efforts. Fortune International and its president, Edgardo DeFortuna, have a long-standing relationship with Related.