Truist Bank Provides $164M Construction Loan For 44-Story Rental Building In Brickell, Miami

A 4-acre development site in Brickell, Miami, located at 77 Southeast Fifth Street, has been involved in a recent closed transaction. The property is owned by The Related Group, represented by Nick, Jorge, and Jon Paul Pérez. The transaction took place on January 4, 2023. Truist Bank provided a construction loan of $164,000,000 for the site.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $164,000,000
• Address: 77 Southeast Fifth Street, Brickell, Miami
• Market: Brickell, Miami
• Acres: 4

A notable feature of this transaction is a planned 44-story, 506-unit rental building for the development site.

The key individuals involved in this deal are Nick, Jorge, and Jon Paul Pérez from The Related Group, representing the landlord. They successfully secured a construction loan from Truist Bank to facilitate the development of the site.