West Palm Beach is making headlines in Florida’s real estate space by landing the largest condo construction package in 2025. The development was made possible by a recent effort from Related Ross chairperson Stephen Ross. He received a whopping $600 million for the establishment.
Highlights
- Stephen Ross received $600 million for a South Florida condo project.
- The Related Ross chairperson secured the amount for West Palm Beach’s largest waterfront luxury condo project in 2025.
- Bank OZK offered a $475 million senior loan to the real estate veteran.
Stephen Ross’ Debut Condo Development Project in West Palm Beach
Stephen Ross has built a considerable presence in real estate in the last fifty-plus years. Ross is making headlines with his debut condo project in West Palm Beach. He took on the project after stepping down as chairperson of Related Companies.
He has gone ahead with the financing for the waterfront luxe condo in South Florida. This can be a stepping stone in his Related Ross company’s mission of transforming West Palm Beach into the Wall Street of the South.
Ross Secured $600 Million Financing for South Flagler House
In a significant development for his newly launched Related Ross company, Ross secured $600 million in financing for the condo project. Named South Flagler House, the development will have two 28-story towers. The condo establishment would present 108 housing units to South Florida residents.
The first brick for the development at 1355 South Flagler Drive was laid last year. Construction for South Flagler House is scheduled to culminate by 2027.
Bank OZK is Among the Key Financiers
Out of the total amount, almost $475 million is a senior loan from Bank OZK. It had assumed a loan a year ago. The total amount had $100 million outstanding. This figure rose by $375 million as per mortgage documents.
Apart from the Arkansas-based bank, GoldenTree Asset Management and TZ Capital have offered $125 million. This was given as a mezzanine loan to Ross.
Stephen Ross’ latest financing achievement with the South Flagler House project highlights his stature in the industry. Bank OZK’s assistance could help the latest West Palm Beach condo project to enhance the city’s landscape. The success of this South Florida project could mark a new chapter for Related Ross’ journey as well.
