Related Group boosted its financing for Icon Las Olas in Fort Lauderdale to nearly $140 million.
Property records show the Miami-based development firm secured a new $34.9 million loan from SunTrust Bank for its 44-story, 272-unit apartment tower at 500 East Las Olas Boulevard.
The loan comes after Related hired Cushman & Wakefield to market the development in October, according to a property memorandum obtained by The Real Deal.
The project was first proposed in 1999, but faced a number of hurdles – including the collapse of the housing market. Related and Rabina Properties broke ground on the building in 2015, and financed construction with a $105 million construction loan, also from SunTrust. It was completed as an apartment tower in 2017.
The property’s units average 1,516 square feet and rents range from about $3,000 to more than $7,500. Steve Patterson, president and CEO of Related Development, said the building is fully occupied.
Icon Las Olas features three restaurants totaling about 21,415 square feet: Etaru Japanese Bar + Grill, Salt Seven Modern Eatery & Lounge, and IT! Italy Café.
The high-end development would likely set a per-unit record for Broward County when it sells. In 2017, a joint venture between the Rockefeller Group and Stiles sold Amaray Las Olas in downtown Fort Lauderdale for $133.55 million, or $526,000 per unit.
At that per-door price, Icon Las Olas could sell for more than $143 million.
Related plans to break ground this year on another rental tower in downtown Fort Lauderdale similar to Icon Las Olas. A joint venture between Steelbridge Capital and Apollo Global Real Estate Management recently sold the site at 201 Southeast Sixth Avenue to Related for $12 million.