Related Affiliate Secures $167M Loan for Miami Residential Project

A Related Group affiliate has secured $167 million in construction financing from Greystone to build residential towers in Miami, marking another significant investment in the city's booming housing market.

The loan will fund the Gallery at Lummus Parc, a residential development that underscores continued confidence in Miami's real estate sector despite broader economic uncertainties. Related Urban Development Group is leading the project, which will contribute to the substantial inventory of high-end residential properties coming online across South Florida.

Greystone's financing commitment reflects the appetite among lenders for well-capitalized projects in markets with strong demographic trends. Miami has experienced robust population growth over the past several years, driven by an influx of high-income residents relocating from higher-tax states and international buyers seeking stable U.S. real estate assets.

The Related organization has deep roots in South Florida development, with a portfolio spanning rental apartments, condominiums, and mixed-use projects throughout the region. The company's track record in delivering large-scale residential communities has made it a preferred borrower for institutional lenders like Greystone, which specializes in multifamily and affordable housing finance.

Construction financing has remained available for qualified developers in primary markets, even as some lenders have pulled back from riskier transactions. Projects backed by established sponsors with proven execution capabilities continue to attract competitive terms, particularly in markets where rental demand remains strong and housing supply constraints persist.

The Gallery at Lummus Parc will rise in an area experiencing significant transformation, with multiple residential and commercial projects reshaping the neighborhood. Miami's residential construction pipeline has expanded dramatically since 2020, with developers racing to meet demand from both end users and investors.

Greystone has been active in South Florida lending, providing capital for residential developments across Miami-Dade and Broward counties. The firm's willingness to deploy substantial capital for this project signals confidence in the fundamentals supporting Miami's housing market, including job growth, favorable tax policies, and international appeal.

For Related, the financing represents another step in executing its development strategy across multiple South Florida submarkets. The company has balanced its portfolio between for-sale condominiums and rental apartments, adapting to shifting market conditions while maintaining a steady development pipeline.

The $167 million loan will cover construction costs and related expenses, enabling Related to move forward with vertical construction. As Miami continues to attract residents and businesses, projects like the Gallery at Lummus Parc will help address the housing needs of a growing and increasingly affluent population.