Related Group And Merrimac Ventures Secures $94.2 Million Construction Loan For The Crosby Condo Tower In Miami Worldcenter

The Related Group and Merrimac Ventures have secured a $94.2 million construction loan from Bank OZK for the development of The Crosby, a 33-story condo tower located at Miami Worldcenter in Miami. The development will consist of 450 units and will also feature 3,370 square feet of retail space. The property is already sold out, with prices starting at $300,000. It is worth noting that The Crosby will have no rental restrictions, allowing owners to list their units on platforms like Airbnb and Vrbo.

Summary of transaction details

• Property Type: Development Site
• Address: Miami
• Loan Amount: $94.2 million
• Loan Type: Construction Loan

This financing deal was made possible through the collaboration of the Related Group, Merrimac Ventures, and Bank OZK. The Related Group and Merrimac Ventures will oversee the construction of The Crosby, while Bank OZK will provide the necessary funds. The successful acquisition of this loan emphasizes the confidence that Bank OZK has in the project and its potential for success.