Related Group’s 58-story SLS Lux in Brickell is a success.
The developer announced yesterday that they have paid off a $166.1 million construction loan issued by TPG Real Estate Finance Trust.
Over 400 of 450 condo units are already closed and/or occupied, Related said, and 100 percent of units are in contract. The project also includes 78 hotel suites.
“Paying of the loan is a major milestone for us,” said Ben Gerber, Vice President of Finance for The Related Group. “It speaks to the quality of the product and to the strength of the Miami market.”
“We are thrilled about the completon of our second project with sbe in Brickell,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The opening of SLS Lux fulfills our long-time vision of a pedestrian-friendly South Miami Avenue, and buyers are excited to move in and begin living the lifestyle.”
This is the fourth construction loan Related has paid off in 18 months, with another, Hyde Midtown, expected to be paid off shortly.
related’s sls lux on left, brickell heights on right: