$92.62 million construction mortgage to PRH
The Related Group obtained construction financing for its Pariso Bay condominium tower in Miami's Edgewater neighborhood.
SunTrust Bank and Sabadell United Bank provided a $92.62 million construction mortgage to PRH NE 31st Street LLC, an affiliate of the Miami-based developer, for the project at Northeast 31st Street and Northeast 7th Avenue. That breaks down to $57.6 million from SunTrust and $35 million from Miami-based Sabadell United.
The 53-story Paraiso Bay will have 368 units, ranging from one bedroom and 967 square feet to four bedrooms and 2,546 square feet. Amenities will include tennis courts, swimming pools, playgrounds, a fitness center, a marina and a bay front park.
Units will start in the $500,000s.
Paraiso Bay was designed by Arquitectonica, with interior design by Keith Hobbs and landscape design by Enzo Enea.
It should be completed in spring 2016.
Related Group is building the One Paraiso condo nearby. A second Paraiso Bay tower is also planned.