Jorge M. Pérez’s Related Group scored a $158.9 million loan from Toronto-based CIBC Bank to complete Casamar Residences, a luxury oceanfront condo development in Pompano Beach, Fla., property records show.
The 21-story development is set to include 119 units. Construction has been underway since May. At the time, the luxury project was nearly sold out, having nabbed $293 million in sales, according to a spokesperson for the Miami-based developer.
The condo building, designed by Arquitectonica and The Rockwell Group, is expected to be completed in 2025. Amenities will include two pools, a lounge, a fitness center, saunas and a pickleball court.
The 3-acre site at 900 N Ocean Boulevard is on the Sea Bright barrier island, five blocks south of State Road 844.
Casamar Residences marks Related Group’s second luxury development in Pompano Beach, a historically working-class town just north of Fort Lauderdale.
Three blocks north at 1116 N Ocean Boulevard, Related is constructing Solemar, a 105-unit luxury condo building. The 20-story development landed a $91 construction loan two years ago.
The developer may have another luxury project in Pompano Beach underway. In June, Related, along with frequent collaborator BH Group, paid $48 million for a 3.7-acre site at 20 North Ocean Boulevard. A representative for the developer did not immediately respond to requests for comment.
Julia Echikson can be reached at jechiksn@commercialobserver.com.
Read More Channel, Construction, Finance, Casamar Residences, Florida, South Florida, CIBC Bank, Related Group Jorge M. Pérez’s Related Group scored a $158.9 million loan from Toronto-based CIBC Bank to complete Casamar Residences, a luxury oceanfront condo development in Pompano Beach, Fla., property records show. The 21-story development is set to include 119 units. Construction has been underway since May. At the time, the luxury project was nearly sold out,
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer