Related Pays Off $93M Paraiso Bay Construction Loan

Paraiso Bay’s construction loan has been fully repaid, just one month after the building opened.

The $92.6 million loan was issued in December 2014 by Suntrust Bank. It was fully satisfied on May 2, according to a filing by the bank.

Closings began on April 4, with the first deed hitting county records on April 10.

151 units were closed on by buyers through May 4, county records show. In total, there were 345 condos built, and 100% of units have been pre-sold.

The 53-story tower is the first of four that will open in the Paraiso Bay complex, with the others still under construction.