The Related Group of Florida and SBE Hotel Group have joined together to secure a $157m construction loan to finance a 54-story luxury hotel and condominium tower in Miami’s popular Brickell district.
Canyon Capital Realty Advisors LLC, the Los Angeles-based real estate direct investment arm of Canyon Partners LLC, provided the senior loan to develop SLS Brickell Hotel & Residences. According to CoStar, the project is a mixed-use development that will include a 124-room hotel and 453 condo units, both under the SLS brand. The hotel will include ground-level restaurants with concepts by nationally known chefs Michael Schwartz and Jose Andres.
This loan marks Canyon Capital Realty’s 13th investment in Florida in the last four years and the fourth recent transaction in the Brickell area of Miami. CIJ reported on Canyon’s last loan made in October for Echo Brickell, a 57-story luxury residential condominium development.
