The Waldorf Astoria Hotel & Residences in downtown Miami will get a historic $668 million construction loan from PMG and its partners, making it the biggest condo construction loan in Florida history. Bank OZK, the busiest construction lender in South Florida, and Related Fund Management supplied the funding. Architect Carlos Ott and Sieger Suarez Architects created this 1,049-foot tower, expected to rise at 300 Biscayne Boulevard Way.

For this complex project, PMG, located in New York and Miami, partnered with Greybrook, a Canadian private equity firm; Mohari Hospitality, based in Cyprus; S2 Hospitality, based in Aventura; and Hilton. Three hundred eighty-seven condos and 205 hotel rooms and suites will be housed in the skyscraper.

This loan, surpassing the $600 million financing Mast Capital secured for the Brickell Financial District residential complex, Cipriani Residences, is a testament to the Waldorf Astoria project’s financial strength. At the time of loan closing, over 90% of the project has been presold, a remarkable achievement. This success is a result of the dedicated sales team, including Christian Tupper, Aura Aragon, Daiana Quiceno, Alejandra Castillo, and Karine Carvalho, who have been instrumental in this endeavor.

The developer was represented by Saul Ewing’s Luis Flores and Kramer Levin Naftalis & Frankel LLP. At the same time, JLL’s Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo, and Mateo Bolivar arranged the financing.

Yachts sail on sea water to city skyscrapers on cloudy blue sky in Miami

With a 36-hour foundation pour scheduled, construction personnel are preparing for the high rise, which should be finished by the second quarter of 2028. In late 2014, PMG paid $80 million for the site, and in 2018, the company revealed its ambitions for the Waldorf Astoria brand. When the project is finished, it could be the highest residential skyscraper located south of New York City.

The project’s robust presales, significant equity involvement, low leverage, and the bank’s single senior secured position were all critical considerations for Bank OZK President Brannon Hamblen when he decided to provide the loan. Overtaking New York, Miami currently serves as Bank OZK’s primary market for its Real Estate Specialties Group.

Due to their ability to access buyer deposits and lower lenders’ risks, South Florida condo developers have successfully secured big loans even with high interest rates. For instance, Madison Realty Capital recently granted Related Group and its partners a $400 million loan for the opulent condominium development known as the Residences at Six Fisher Island. Developers are concentrating more on branded residential buildings to increase the value they provide to purchasers.

The strength of the Miami luxury real estate market and the trust of financial institutions in it are demonstrated by this funding. The Waldorf Astoria Hotel & Residences Miami, which reflects architectural innovation and market power, is positioned to become an iconic addition to Miami’s skyline.

The skyscraper will stand out in downtown Miami because of its unique design, which consists of many glass cubes piled on top of one another. This large-scale project demonstrates how the city’s skyline is continuously changing and how Miami is becoming desirable for living and investing in luxury real estate.

The power of PMG’s development platform and the attraction of the Waldorf Astoria brand are demonstrated by its ability to raise considerable finance in a challenging economic climate. Attracting the significant loan from Bank OZK and Related Fund Management was primarily made possible by the project’s successful presales and significant equity commitments.