Jon Paul Pérez & Albert Milo, Jr. Of Related Urban Development Group Secure $92.6M Loan For Development Site In Riviera Beach

The property asset involved is a development site located at 57 East 12th Street in Riviera Beach. The transaction secured a loan amount of $92,600,000 for the construction of 149 affordable and workforce apartments as part of the Marina Village project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $92,600,000
• Lender: Manufacturers and Trusters Trust Co.; Bank of New York Mellon & Florida Housing Finance Corporation
• Landlord: Jon Paul Pérez & Albert Milo, Jr. - Related Urban Development Group
• Units Reserved: Households earning 30%–110% of area median income

The deal involved Related Urban Development Group, led by Jon Paul Pérez and Albert Milo, Jr., who represent the landlord in this significant financing package, which includes tax-exempt bonds, a leasehold mortgage, and a state loan as part of a broader redevelopment initiative for the city-owned site.