Billionaire developer Stephen Ross has landed yet another construction loan in West Palm Beach, Fla.

Steve Tananbaum’s GoldenTree Asset Management provided a $157 million loan to Ross’s firm, Related Ross, to build a waterfront luxury condo development. Called Shorecrest, the 28-story tower will include 98 units at 1865 North Flagler Drive, about a mile and a half north of the city’s downtown. 

Luxury gym chain Equinox, in which Ross owns a stake, will manage the 18,355-square-foot amenities, including meeting spaces, a private dining room, and a 75-foot rooftop lap pool.

Related Ross purchased the 1.5-acre site for $30 million from the Temple Israel of West Palm Beach, which had operated a 26,367-square-foot synagogue since 1953. Demolition and site preparation will begin this month, with vertical construction slated to start in the spring and completion expected in 2027.

Corcoran Sunshine Marketing Group is leading sales. Remaining units start at $3 million, though a representative for the development declined to say how many are currently under contract. 

The construction loan marks the latest financing for Stephen Ross, which launched Related Ross in 2024 with the mission of turning West Palm Beach into a business hub. Ross is building out the real estate to accommodate well-paid employees and their wealthy bosses. 

Last year, Related Ross scored a $600 million debt package to build two 28-story luxury condo towers, designed by RAMSA. New York-based GoldenTree Asset Management was one of the lenders. 

Related Ross is also buying out another condo building across the Intracoastal Waterway from President Trump’s Mar-a-Lago estate with plans to redevelop it into another luxury condo complex.

On the office front, Related Ross secured a $772 million financing package to build two offices within Ross’s CityPlace open-air, mixed-use development, where AI company Service Now has pre-leased a portion of the space. 

Julia Echikson can be reached at jechikson@commercialobserver.com.