Related Group, Rockpoint, And Two Roads Development Secure $424M Construction Loan For Rivage Residences Bal Harbour

The asset involved in this transaction is a development site located at 10245 Collins Avenue in Bal Harbour. The project, known as Rivage Residences Bal Harbour, is a luxury condo development. It features residences that can span up to 13,000 square feet. The total loan amount secured for this project is $424 million, designated for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $424,000,000
• Lender: Adi Chugh - Elliott Investment Management-backed Tyko Capital
• Landlord: Jorge Pérez, Jon Paul Pérez & Nick Pérez - Related Group; Bill Walton & Keith Gelb - Rockpoint; Taylor Collins & Brad Meltzer - Two Roads Development
• Completion Year: 2027
• Sales Over Last 60 Days: Over $100 million

The developers involved in this transaction include Related Group, Rockpoint, and Two Roads Development. Together, they have secured a substantial construction loan that allows them to advance the Rivage Residences project, which has already shown significant sales momentum with over $100 million in sales recorded within a short period.