Related Group secured a $230.8 million construction loan for Andare Residences, a Pininfarina-designed luxury condo project in Fort Lauderdale.
Coconut Grove-based Related, led by Jorge Pérez and his sons, Jon Paul and Nick Pérez, recently broke ground on the 163-unit, 46-story tower planned for the site at 521 East Las Olas Boulevard, next to Icon Las Olas.
Property records show Apollo Global Management’s Athene Annuity and Life Company took over a $14.8 million loan provided to Related in 2023 and increased the financing by $216 million.
Andare Residences is more than 50 percent presold, according to a press release about the groundbreaking. The planned 540-foot tower is part of a wave of new luxury condo developments in Broward County.
Pininfarina, an Italian design firm known for designing Ferraris, Maseratis and other luxury sports cars, is designing Andare with CFE Architects and Architectural Alliance Landscaping.
Units in the Fort Lauderdale building will range from 1,800 square feet to more than 4,300 square feet. The tower will also have more than 35,000 square feet of amenities, including a health and wellness-focused 10th floor with a fitness center, pickleball court and spa.
Sales launched in 2023.
A number of large construction loans have closed in South Florida in recent months. Condo developers can tap buyers’ deposits to fund a portion of construction, making these loans less risky for lenders.
This week, developer Giuseppe Iadisernia secured a $112 million construction loan for the east tower of his planned Oasis Hallandale condo development, bringing his total financing for the project to $197 million. New York City-based S3 Capital, is providing the financing.
In late April, PMG received a $413 million construction loan for its planned two-tower development in Brickell called One Twenty Brickell Residences. Ares Management and Monarch Alternative Capital are the lenders. That financing came weeks after PMG and its partners landed a $215 million construction loan for a nearby condo project, 38 West Eleventh Residences Miami.
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