MIAMI—The Related Group has upped its construction financing for its One Ocean condominium project in Miami Beach to nearly $46 million.
The locally-based developer now has a construction mortgage totaling $45.7 million for the One Ocean development that is currently under construction, according to the South Florida Business Journal. The One Ocean development will consist of 46 condominium units and four villas.
Regions Bank, representing a group of lenders, provided the financing to TRG Block One, an affiliate of The Related Group. The mortgage is a refinancing of a $16.9-million loan provided by City National Bank of Florida. See story in the South Florida Business Journal.
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