MIAMI-An affiliate of locally-based The Related Group and partner Miami Dolphins’ owner Stephen Ross have secured $21.5 million in financing in connection with a planned apartment project here.
Citibank is providing the financing for the developers to build 117 apartments at 1975 N.W. 36th St., a low-income section of the city, according to a report in the South Florida Business Journal. The developer of the project is Collins Park Apartments LLC, part of the Perez Ross Holdings joint venture between Jorge Perez’s The Related Group and Ross’ The Related Cos. in New York. Boston Financial Investment Management is also an equity partner in the deal, according to the mortgage from Citibank.
The property is vacant except for a 23,569-square-foot retail building. Miami-Dade County Circuit Court records reveal that Collins Park Apartments plans to tear the building down to build the apartment project. See story in the South Florida Business Journal.