The Related Group and Dezer Development have opened yet another successful development in the Greater Downtown Miami area, having paid the full $114.7 million construction loan they had taken out in order to construct Hyde Suites & Residences Midtown Miami. The loan had been issued in February of 2016.
“The rate of closings, and subsequently our ability to fulfill this loan, speaks to the strength of the Midtown submarket as well as a top-tier quality of our product,” said Ben Gerber, Vice President of Finance for the Related Group.
Hyde Midtown is comprised of 410 luxury residences, 60 designer suites, and an expansive amenity area. Residents and guests enjoy a private screening theater, game room, putting green, tennis courts, a children’s play area and of course, a massive pool area with cabanas and upgraded fitness center. The developer was also able to work out a partnership with Hyde Beach and SLS Hotel South Beach, offering Hyde residents access to both properties.
“We are ecstatic with the delivery of Hyde Midtown,” said 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.”
Over 95% of the project’s 470 total units have been sold and 348 have already closed. Remaining prices include one bedroom layouts from the mid-$400’s, two bedroom layouts from the mid-$600’s and penthouses starting at $825k. If you are interested in learning about the summer incentives for the remaining inventory or about leasing in the project, don’t hesitate to call or text (786) 385-6846 or email email@example.com.