A joint venture between Related and the Allen Morris Company has secured a $166.1 million construction loan for SLS Lux Brickell Hotel & Residences in Miami. Located at the corner of South Miami Avenue and Southeast Eighth Street, the new project will feature 450 residential units and 84 hotel suites. The development, which broke ground in December, is more than 92 percent pre-sold and slated for completion in 2017. TPG Real Estate is the mortgage holder for the scheme.
“Despite how competitive the market has grown, lenders are still eager to work with developers who come to the table with a solid track record and a project thoughtfully designed for success,” said Ben Gerber, Related’s vice president of finance.
