ATLANTA – SunTrust Banks, Inc. originated a $139.9 million loan with Freddie Mac to refinance The Related Group’s Icon Las Olas multifamily project in Fort Lauderdale, FL. Completed in 2018, Icon Las Olas consists of 272 residential units and 21,415 square feet of ground retail in one 44-story, high-rise building – the tallest building in the city.
Justin Ginsberg, managing director at SunTrust Commercial Real Estate Agency Lending, and Rebecca M. Cox, senior vice president at SunTrust Commercial Real Estate, were the leads on the transaction.
“SunTrust is so excited to play a role in financing this project for a world class development team and helping contribute to the ongoing vibrancy of the Fort Lauderdale CBD,” said Paul Woodworth, head of SunTrust Agency Lending.
“The combined SunTrust team created a long-term solution for the Borrower after financing construction. We are confident this asset will remain one of the premier rental properties in the region,” added Cox.
SunTrust offers a suite of Fannie Mae, Freddie Mac and HUD-insured loans to the owners of affordable and conventional market-rate multifamily housing and healthcare properties in primary and secondary markets. SunTrust tailor’s solutions that fit client’s specific situations, with features such as future funding for capital expenditures and leasing expenses, earn-outs and short-term loans with flexible prepayment.