Related Group Lands $177M Loan for Boca Office Depot Site
Related Group, with BH Group and Pebb, secured a roughly $177M Wells Fargo construction loan for the old Office Depot campus in Boca Raton.
Related Group has lined up financing of about $177 million for the residential phase of the former Office Depot headquarters campus in Boca Raton, according to Commercial Observer and The Real Deal.
Why it matters
The loan funds the rental community on an 8.3-acre parcel that BH Group and Pebb Enterprises sold to Related in 2025. Commercial Observer reports the sellers kept stakes in the residential project, so the capital stack ties all three firms together.
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We covered the original Related Group purchase and plans earlier. For more deals in the region, see South Florida.
The numbers
Commercial Observer reports Wells Fargo is administrative agent on $177.3 million of construction financing covering 494 luxury apartments plus 50 workforce-housing units. Per public mortgage documents cited there, the deal is a $140.7 million increase on an existing loan with $36.6 million outstanding. That is why The Real Deal headlines about $141 million while Commercial Observer headlines about $177 million: one figure is the increase, the other the total.
Related paid $50 million for the parcel. The BH Group and Pebb venture bought the 28-acre campus from Office Depot’s parent, ODP, in 2023 for $104 million.
Neither report we reviewed publishes full loan terms such as rate or maturity.
What’s next
Demolition of the office building on North Military Trail began in August, and completion is slated for summer 2028, per Commercial Observer. About 405,000 square feet of office space in two buildings remains on the campus, with an Equinox and new retail and restaurant buildings planned. Watch for loan terms in the recorded mortgage documents. We will update if the rate, maturity or lender details are filed.
Quick answers
- Who is financing Related Group in South Florida?
- Related Group, with BH Group and Pebb, secured a roughly $177M Wells Fargo construction loan for the old Office Depot campus in Boca Raton.
- What are the key numbers for Related Group?
- new loan total: $177.3M; loan increase: $140.7M; apartments: 494; land price: $50M.
- Where does the information on Related Group come from?
- The story cites Commercial Observer and The Real Deal.
On the record
Our August report on Related Group's purchase of the residential parcel and its Broken Sound Residences plans, which this loan now funds
Our coverage · Read our earlier story
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