The 50-story tower St. Regis Residences, Miami has obtained a massive construction loan after reaching a sales milestone.
Developers Related Group and Integra Investments closed on $527 million in financing to build the luxury tower from TYKO Capital.
It is one of the largest residential construction loans in Florida to date, following the $668 million loan for Miami’s Waldorf Astoria Residences in June and a $600 million loan for Brickell’s Cipriani Residences in February.
More than 60% of the 152 condos planned are now in contract.
The tower is being designed by Robert A.M. Stern Architects, which drew inspiration “from the elegant aesthetic of golden-age ocean liners at sea, merged with the modern allure of skyscrapers.”
Demolition is continuing at the site this week, a video by Ryan RC Rea shows.
(images Binyan Studios)