MIAMI—Related Group has secured $358 million in construction financing in December. During the past 90 days Related has closed on $525 million in construction financing from the country's top lenders. That means another few busy years for the firm.
First, Related and Terra closed on a $159.5 million construction loan from an affiliate of Mack Real Estate Credit Strategies for Park Grove. This loan comes on the heels of the first two towers' sales success, currently boasting 95% under contract.
"Securing this loan demonstrates the strength of the project and the sponsorship," says Ben Gerber, vice president of Finance at Related. "Mack ran a great process providing an efficient and seamless execution."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
