The Related Group and Dezer Development have officially announced that they have paid off construction financing for the recently completed Hyde Suites & Residences Midtown Miami. The $114.7 million loan was issued by an affiliate of Mack Real Estate Credit Strategies, a New York lending firm, in February 2016. The property is the partnership’s most recent co-developed project to complete, with Residences by Armani/Casa slated for a 2019 delivery. The 470-unit mixed-use Hyde Midtown, which broke ground in September 2015, is nearly completely sold out. The property’s hotel component, the first in the Midtown neighborhood, is expected to open in this fall (2018).
“The rate of closings, and subsequently our ability to fulfill this loan, speaks to the strength of the Midtown submarket as well as top-tier quality of our product,” said Ben Gerber, Vice President of Finance for The Related Group.
“We are ecstatic with the delivery of Hyde Midtown,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The essence of the Hyde brand paired with David Rockwell’s interiors perfectly represents the neighborhood’s hip, modern aura. It’s incredible to see the energy as future residents come in to sign and are finally able to see their new home.”
Hyde Midtown features 410 luxury residences and 60 designer suites, with a sleek exterior designed by Arquitectonica. The project boasts a slew of amenities, including an expansive seventh floor pool terrace, private screening theater, game room and upgraded fitness facilities. As a part of the ongoing partnership between Related and famed hospitality group sbe, all Hyde residents will be able to enjoy access to South Beach’s hottest beach club, Hyde Beach at the SLS Hotel South Beach.
