Apollo backs luxury Florida condo project on Millionaire’s Mile

APOLLO Global Management affiliates financed a US$307 million construction loan for luxury condos in South Florida.

The funds will go towards the development of Rosewood Residences Hillsboro Beach, a waterfront condo project by Related Group and Dezer Development, according to a statement. The site, along a strip of Florida coastline known as Millionaire’s Mile, will feature 92 residences, as well as 11 private boat slips.

Related Group has been lining up financing for various projects in South Florida. Last week, the developer, alongside Rockpoint and Two Roads Development, snagged a US$424 million construction loan for a project in Bal Harbour.

More than half of the Rosewood Residences are in contract, according to the developers. The project, which is expected to be completed in 2026, is located on oceanfront property near Pompano Beach. The development includes amenities such as a wellness centre, pool and tennis and pickleball courts.

“This financing milestone reflects investors’ confidence in buyer demand for Rosewood Residences Hillsboro Beach,” Nick Perez, president of Related’s condominium division, said.

Lenders have been seeking to capitalise on luxury housing demand in Florida. Earlier this month, developers Witkoff Group and PPG Development closed on a loan from JPMorgan and BDT & MSD Partners for another upcoming luxury residential project north of Miami. BLOOMBERG