December 15, 2014

Related Group affiliate secures $61M apartment loan


South Florida Business Journal by Brian Bandell.

An affiliate of the Related Group scored a $61.43 million mortgage for its recently completed apartment project in the Fontainebleau area of Miami-Dade County.

Regions Bank provided the loan to RD Fontainebleau, a Related Group affiliate that finished building Doral View apartments at 913 N.W. 97th Ave. It started construction in 2012.

Related Group VP and COO Matt Allen said the new loan replaces the construction financing with long-term financing with support from Fannie Mae.

Doral View has 360 apartments spread between 14 three-story buildings. Allen said they are 95 percent leased. That breaks down into 168 one-bedroom apartments, 144 two-bedroom apartments and 48 three-bedroom apartments. Amenities will include two pool areas, a gym, a spa, and a conference and club room.

Kaufman Lynn Construction is the general contractor on the project.

Related Group sold the second phase of Doral View to a point venture between it and Rockpoint Group.