Bloomberg reported that Related Group, the developer led by billionaire Jorge Perez, has bought the last development parcel on Miami Beach’s exclusive Fisher Island to build luxury condominiums. Related purchased the land with partners Israeli billionaire Teddy Sagi, BH Group and Wanxiang America RE Group. Madison Realty Capital provided an $85 million loan to the buyers for the deal. The developers and investors will build roughly 50 condos on the site with plans to price the penthouses at more than $60 million and regular units around $30 million. Sales will be by invitation only and are expected to start by the end of the year.

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