Property Markets Group (PMG) and its partners have secured financing from Bank OZK and Related Fund Management to construct the Waldorf Astoria Hotel & Residences Miami. This loan marks the largest single-tower construction loan in Florida history, surpassing the previous record set in February.
PMG, with offices in New York and Miami, is collaborating with Canadian private equity firm Greybrook, global investment company Mohari Hospitality, Aventura-based S2 Development, and Hilton Hotels on this project. Ryan Shear, Managing Partner at PMG, emphasized the collective effort involved in bringing the Waldorf Astoria Hotel & Residences Miami to fruition.
Situated at 300 Biscayne Blvd., on the northern edge of Bayfront Park, the project is set for completion in the second quarter of 2028. More than 90% of its 387 condos have been sold, with some units listed for up to $90 million. The design, featuring offset cubes, is a collaboration between Sieger Suarez Architects and renowned architect Carlos Ott. The building will also house a 205-key luxury hotel.
Construction is set to begin this weekend with a 36-hour continuous concrete pour by general contractor John Moriarty & Associates and concrete firm Capform.
PMG purchased the 2-acre site for $80 million in November 2014. The previous owners, Mauricio Cohen Assor and Leon Cohen-Levy, had intended to build two supertall towers before their incarceration for tax evasion.
PMG is a prominent developer in Miami, known for luxury condo and apartment projects such as the E11even Hotel & Residences in Downtown Miami and Society-branded buildings in Wynwood and Fort Lauderdale. PMG's next project in Fort Lauderdale with Greybrook also received financing from Related Fund Management last year.
The construction debt for the Waldorf Astoria project was brokered by a JLL team comprising Christopher Peck, Chris Drew, Brian Baswirth, Jimmy Calvo, and Mateo Bolivar. PMG and Greybrook were represented by Kramer Levin Naftalis & Frankel and Saul Ewing.
Bank OZK, the most active construction lender in the U.S., plans to continue its disciplined growth strategy. Despite a recent downgrade from a Citigroup analyst and a 20% drop in its share price, the bank remains committed to quality projects. "We are delighted to finance another project for a quality sponsor like PMG," said Bank OZK President Brannon Hamblen. Miami has now become the largest market in Bank OZK's loan portfolio, surpassing New York City.
Source: Biznow.com / PMG
