Related, BH score $200M loan for Ritz-Carlton condos in West Palm Beach

Related Group and BH Group secured $200 million in construction financing for their planned Ritz-Carlton Residences, West Palm Beach. 

The developers received financing from Madison Realty Capital for the 27-story, 138-unit tower slated for 1717 North Flagler Drive, according to a news release. 

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The project is 70 percent pre-sold with $150 million in sales in the last six months, the release said. The Pérez family’s Related and Isaac Toledano’s BH Group launched sales for the Ritz-Carlton Residences in 2024 and received approval for a height bonus in October. 

The developers tapped a design team that includes Arquitectonica, interiors firm Rockwell Group and landscaping firm Naturalficial. The Ritz-Carlton’s units will include two-, three- and four-bedroom floorplans and range from 1,500 to 3,000 square feet, the release shows. The tower’s amenities will include a pool, spa facilities, a fitness center, coworking spaces, a children’s playroom, a gaming studio and two guest suites. 

Residents will also receive a complimentary membership to the Cove Club at the nearby Related-owned Icon Marina Village apartment complex.

Douglas Elliman is handling sales and marketing, and remaining units start at $3 million, a spokesperson confirmed. Construction is expected to finish in 2028, the release shows.

Madison, led by managing partners Josh Zegen, Brian Shatz and Adam Tantleff, has provided Related and BH financing before. In 2024, Madison provided a $400 million construction loan for the developers’ planned Residences at Six Fisher Island.

Related and BH have other projects in the works in West Palm Beach. In 2024, they paid $34 million for a waterfront lot not far from the Ritz-Carlton site.  

Market insiders say it’s been a busy sales season for West Palm Beach’s new development pipeline, with branded projects proving to be a pull for buyers. In August, Tyko Capital provided a $285 million construction loan for Terra and Sympatico Real Estate’s planned Mr. C Hotel & Residences West Palm Beach. The project was 70 percent presold at the time. 

Last month, Canadian developer Great Gulf launched a Mandarin Oriental-branded waterfront condo project with prices starting at $3.5 million.