Related Ross, led by billionaire developer Stephen Ross, scored $600 million in financing for the company's first condominium project in Florida.
South Flagler House is under construction in West Palm Beach and is expected to top off later this year, with completion anticipated for 2027. The luxury condominium project at 1355 South Flagler Drive includes 105 units ranging from two to five bedrooms.
The financing is one of the latest in a line of major deals in South Florida. High-end luxury condo towers continue to see strong demand from buyers, leading to multiple construction loans over half a billion dollars for towers like the Waldorf Astoria Hotel & Residences Miami, Cipriani Residences and the St. Regis Residences.
Bank OZK provided $475 million as the project's sole senior-secured lender and GoldenTree Asset Management and TZ Capital provided a $125 million mezzanine loan, according to a statement from Related Ross.
Plans for South Flagler House include two towers designed by Robert A.M Stern Architects. Residences range from between 2,200 square feet and 15,570 square feet. Pricing starts at $7.9 million and goes up to $73 million, the statement said.
The 28-story towers, called Park Tower and Lake Tower, are expected to offer unobstructed views of the Intracoastal Waterway, Palm Beach Island and the Atlantic Ocean. Pembrooke and Ives is the interior designer for the project.
“Bank OZK and GoldenTree Asset Management's commitment to this exceptional project underscores their shared confidence in the long-term growth and appeal of West Palm Beach to buyers,” said Bryan Cho, an executive vice president at Related Ross, in the statement.
Ross launched West Palm Beach-based Related Ross in 2024 after spinning off Related Cos.' southeast division into its own company focused on South Florida.
Related Ross has multiple projects in various stages of development throughout West Palm Beach and South Florida. The group recently opened a new office building known as One Flagler in West Palm Beach.
For the record
Bank OZK was represented in-house by Greg Newman and Kendall Martin. GoldenTree Asset Management was represented in-house by Steven Tananbaum and Sam Friedland. TZ Capital was represented in-house by Tyler Tananbaum and Sam Zuckert. Sales at South Flagler House are being led by Suzanne Frisbie with The Corcoran Group and Corcoran Sunshine Marketing Group.