FT. LAUDERDALE, FL – Truist Financial Corporation and The Related Group today announced SunTrust Commercial Real Estate has arranged a $47.9 million-construction loan for the New River Yacht Club III project. Located in Downtown Fort Lauderdale, the project is a 230-unit Class A high-rise apartment project jointly developed by Related and Rabina Properties. City National Bank is part of the syndicate led by SunTrust.
Rebecca M. Cox, senior vice president at SunTrust Commercial Real Estate, was the lead on the transaction.
“SunTrust now Truist is pleased to provide construction financing for this best-in-class development team,” said Cox. “New River’s design, luxury amenities, and location will attract residents across the area and will be a successful addition to the Fort Lauderdale community.”
“We are proud to work with SunTrust on another defining project for Fort Lauderdale,” said Ben Gerber, vice president of finance for Related. “This project is being designed and developed from the ground-up to meet the needs of this specific community, while simultaneously driving the entire area forward. SunTrust is an integral partner in this effort and we thank them for their continued support.”
In addition to the 230 studio, one-, two-, and three-bedroom apartment residences, New River Yacht Club III offers a collection of best-in-class amenities, including a resort-inspired pool on the fifth floor, a 1,900-square foot cutting-edge fitness facility, ample residents-only co-working spaces and more. There will also be 2,400 square feet of ground floor restaurant and retail space on the south side of the building. Completion is currently slated for the Second Quarter of 2021.
About SunTrust Commercial Real Estate
SunTrust now Truist has built a full suite of commercial real estate banking capabilities – from capital raising to loan servicing, from private operator to REIT, from community capital to seniors housing – to provide specialized industry and market expertise. Our clients need a wide variety of capabilities, efficient decision-making, responsiveness and specialized expertise to deliver the best solutions to keep their projects moving forward and on track to deliver targeted returns. We have a dedicated focus on the industry, and an ability to bring you financial advice from across the Bank.
Truist Financial Corporation (NYSE: TFC) is a purpose-driven company dedicated to building a better future for its clients, teammates and communities. With 275 years of combined BB&T and SunTrust history, Truist is one of the nation’s largest financial services holding companies offering a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending and wealth management. Headquartered in Charlotte, North Carolina, Truist serves approximately 10 million households with leading market share in many high-growth markets in the country. Learn more at Truist.com.
About The Related Group
Established in 1979, The Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed over 100,000 condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio in excess of $40 billion in 40 years.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities’ global culture and streetscapes.
TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States. Currently, The Related Group has over 70 projects in varying phases of development.
Contact: Mike McCoy, email@example.com