The Related Group has obtained a $9.2 million credit line from City National Bank of Florida for its MyBrickell condominium project in Miami’s financial district.
City National on Wednesday morning announced that it provided Related-managed TRG Brickell Station Ltd. with the financing for the 27-story, 192-unit development under construction at 31 SE Sixth St. MyBrickell is one of several condo projects Related currently has in the pipeline.
The interest rate and the length of the credit line were not disclosed in City National’s written announcement.
City National senior vice president for real estate banking Marianna Perez represented the bank in the transaction. Related was represented by company executives Matthew J. Allen and Ben Gerber.
Construction of MyBrickell is primarily being funded from buyer deposits. The project is scheduled to be completed in late 2013.