Related Group Acquires Development Site In North Miami For $100.4M

The Santander Bank has approved a $100.4 million construction loan for Related Group's Manor Biscayne project in North Miami. The development site, located at 1650 Northeast 124th Street, spans over 3 acres in North Miami. The eight-story development will consist of 382 units and include retail space. This construction financing is part of the ongoing surge in construction projects in South Florida.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $100,400,000
• Address: 1650 Northeast 124th Street, North Miami
• Market: North Miami
• Acres: 3

The lender for this project is Santander Bank, while the landlords for the Manor Biscayne project are Jorge Pérez, Jon Paul Pérez, and Nick Pérez of the Related Group. The loan approved by Santander Bank will support the construction and development of the eight-story project, which includes 382 residential units and retail space.