Related Ross has secured $600 million in construction financing for South Flagler House, a 500,000-square-foot waterfront condominium development currently under construction in West Palm Beach. The project, located at 1355 South Flagler Drive, will be the developer’s first residential condominium in Florida and is expected to top out later this year, with full completion anticipated in 2027.
South Flagler House. Credit: Related Ross.
The financing package includes a $475 million senior-secured loan provided solely by Bank OZK, alongside a $125 million mezzanine loan arranged by GoldenTree Asset Management and TZ Capital. The development will comprise 105 condominium residences distributed across two towers, offering unobstructed views of the Intracoastal Waterway, Palm Beach Island, and the Atlantic Ocean.
South Flagler House. Credit: Related Ross.
Designed by Robert A.M. Stern Architects (RAMSA), the twin-tower project is characterized by a classically inspired architectural language. Interiors are being curated by Pembrooke and Ives. The towers are being constructed to luxury condominium standards, with floorplans designed to maximize waterfront exposure. Sales at the project are being managed by The Corcoran Group and Corcoran Sunshine Marketing Group, with prices ranging from $7.9 million to $73 million.
South Flagler House. Credit: Related Ross.
“This financing marks a major milestone in the realization of South Flagler House, which will set a new standard for luxury living in West Palm Beach,” said Bryan Cho, Executive Vice President at Related Ross. “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.”
South Flagler House. Credit: Related Ross.
The loan was led by Bank OZK’s Real Estate Specialties Group, represented by Greg Newman and Kendall Martin. The mezzanine financing team from GoldenTree Asset Management included Steven Tananbaum and Sam Friedland. TZ Capital was represented by co-founders Tyler Tananbaum and Sam Zuckert.
In addition to its residential offerings, South Flagler House will provide access to Related Life, a full suite of amenities, services, and programming associated with Related’s lifestyle brand. The site is located along the South Flagler waterfront, an area that has seen increasing levels of investment and luxury development activity in recent years.
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