West Palm Beach, FL – June 11, 2025— Related Ross today announced the closing of a $600 million construction loan for South Flagler House, the highly anticipated 500,000-square-foot waterfront residential development in West Palm Beach, which will be Related Ross’s first condominium in Florida.
Bank OZK provided $475,000,000 as the sole, senior-secured lender and GoldenTree Asset Management and TZ Capital provided a $125,000,000 mezzanine loan to Related Ross.
Located at 1355 South Flagler Drive, South Flagler House will comprise 105 ultra-luxury residences across two towers with sweeping, unobstructed views of the Intracoastal Waterway, Palm Beach Island, and the Atlantic Ocean. With architecture by the esteemed Robert A.M. Stern Architects (RAMSA), known for their timeless, classically inspired buildings, and interior design by the renowned firm Pembrooke and Ives, South Flagler House will bring a new level of architectural refinement to the region.
The project is currently under construction and is expected to top out later this year, with completion and delivery scheduled for 2027.
"This financing marks a major milestone in the realization of South Flagler House, which will set a new standard for luxury living in West Palm Beach,” said Bryan Cho, Executive Vice President at Related Ross. “Bank OZK and GoldenTree Asset Management‘s commitment to this exceptional project underscores their shared confidence in the long-term growth and appeal of West Palm Beach to buyers.”
The loan was led by Bank OZK’s Real Estate Specialties Group, represented by Greg Newman, Senior Managing Director, and Kendall Martin, Senior Vice President, GoldenTree Asset Management, represented by Steven Tananbaum, Founder, Managing Partner and Chief Investment Officer, and Sam Friedland, Principal and Head of Real Estate Origination, and by TZ Capital, represented by Tyler Tananbaum, Co-Founder and Managing Partner, and Sam Zuckert, Co-Founder and Managing Partner.
Residents of South Flagler House will experience a rarefied lifestyle with expansive homes and access to Related Life, an impressive array of amenities, services, and programming akin to the world’s most exclusive private members clubs. Pricing for current availability at South Flagler House starts at $7.9 million and ranges up to $73 million. Sales for South Flagler House are being led by The Corcoran Group and Corcoran Sunshine Marketing Group.
For more information, please visit https://southflaglerhouse.com/ and follow @SouthFlaglerHouse on Instagram.
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About Related Ross:
Led by visionary developer Stephen Ross, Related Ross is a fully integrated real estate firm with unparalleled expertise in development, operations and community building. For more than 25 years, the company has led the transformation of West Palm Beach into one of the fastest growing cities in the nation in which to live, work, play and visit. Related Ross leads the market in Class A office space with over 2.8M square feet of existing commercial holdings built and under construction, with an additional 1.5M square feet in development. Known for luxury residential buildings, Related Ross is introducing a new class of rentals and condominiums to the market including The Laurel, South Flagler House and Shorecrest. The company also developed and owns the most celebrated mixed-use destinations in the region including CityPlace – the most visited neighborhood in the city, fostering culture and enriching the community with lush green spaces, a diverse mix of experiential retail and culinary offerings, the largest concentration of public art installed by a private company in Palm Beach County, educational programming and modern residences. Related Ross is also the developer behind Hilton West Palm Beach, RH West Palm and the forthcoming Wellington development. Driven by a vision of inclusive growth for Palm Beach County, Related Ross is committed to ensuring that the region’s economic expansion benefits all communities. In support of this mission, the company established Related Together, a nonprofit foundation funded by Stephen Ross and Related Ross, to accelerate economic mobility and expand opportunities in historically underserved neighborhoods of downtown West Palm Beach. Related Together invests in education, housing, employment, healthcare, arts, and digital access, highlighted by initiatives such as the Emerging Scholars Program at Palm Beach State College. As West Palm Beach evolves into a premier business and cultural hub, Related Ross continues to shape a dynamic, integrated urban core while advancing a model of shared prosperity and social impact for all residents of Palm Beach County. For more information about Related Ross, please visit www.relatedross.com
About Bank OZK:
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended March 31, 2025, RESG originated approximately $40.42 billion in new loans. For more information, visit ozk.com.
About GoldenTree:
GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steven Tananbaum and is one of the largest independent global credit asset managers. GoldenTree manages $58 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has over 310 employees, with offices in New York, West Palm Beach, Charlotte, Newport Beach, Dallas, London, Dublin, Munich, Singapore, Sydney, Tokyo and Dubai. For more information, please visit www.goldentree.com.
