Billionaire developer Steve Ross has secured a $340 million refinancing package for the recently completed One Flagler office tower in downtown West Palm Beach. The loan, provided by BDT & MSD Partners, refinances a previous $242.5 million construction loan from 2022 and increases the total debt on the property by $97.5 million.
The new financing arrangement carries a floating interest rate, according to mortgage records. One Flagler, a 25-story building located at 180 Lakeview Avenue and designed by Skidmore, Owings & Merrill, marks the first completed project for Related Ross, Ross’ real estate firm launched last year.
When it opened in February, One Flagler was approximately 95 percent leased. Tenants include GoldenTree Asset Management, Ocean Sound Partners, and Vista Investments of Florida. The building also features Estiatorio Milos, a Greek restaurant led by Costas Spiliadis, which occupies about 10,000 square feet across two floors.
BDT & MSD Partners was formed in 2023 following the merger of merchant bank BDT & Company with MSD Partners.
Ross has focused his development efforts on downtown West Palm Beach over the past five years after stepping back from New York-based Related Companies—a firm he founded more than five decades ago. He now serves as nonexecutive chairman and remains its largest shareholder while concentrating on South Florida projects through Related Ross.
Related Ross currently holds interests in around eight office buildings in downtown West Palm Beach that are either purchased, completed, under construction or planned. The company also finished the Laurel apartment tower with 322 units and is developing South Flagler House condominiums comprising two towers and 108 units; additional condo projects are in planning stages.
Ross has also supported various philanthropic causes in South Florida and has emphasized the importance of increasing affordable housing options within Palm Beach County.
Despite a slowdown in out-of-state business migration to the region, leasing activity at Ross’ office developments has remained strong—attributed to his connections within New York’s business community. Within real estate circles, One Flagler earned the nickname “hedge fund tower” due to significant leasing by financial firms.
