The Related Group obtained a $117.5 million loan to help cover construction costs of the ONE Paraiso condo tower in Miami’s Edgewater neighborhood. The 53-story tower, located at 600 N.E. 31st Street, will feature 272 units, 99 percent of which have already been sold. The property, designed by Arquitectonica, will include a pool deck, infinity edge spa, tennis courts, a fitness center, a beach club and a curated art collection.
ONE Paraiso is among the many new condo towers currently underway in the Edgewater neighborhood, just north of downtown Miami. The area is mixed with high-rise residential towers and historic homes. The area has gained in popularity because of its proximity to downtown Miami, the Design District and Wynwood.
