June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding

June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding

PMG, along with partners Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development, and Hilton (NYSE: HLT), has secured $668 million in construction financing for the Waldorf Astoria Hotel & Residences Miami. This milestone marks the largest construction loan ever secured for a residential condominium development in Florida. As the first supertall tower to break ground in Miami, the Waldorf Astoria Hotel & Residences Miami will be the tallest residential building south of New York City, marking the iconic Waldorf Astoria brand's entry into Miami.

The financing was provided by Bank OZK and Related Fund Management, with the transaction brokered by Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo, and Mateo Bolivar of Jones Lang LaSalle (NYSE: JLL). Legal representation for PMG and Greybrook was provided by Kramer Levin Naftalis & Frankel LLP and Saul Ewing LLP. PMG Residential leads sales with Christian Tupper, Aura Aragon, Daiana Quiceno, Alejandra Castillo, and Karine Carvalho as the exclusive team. The property is currently over 90% sold.

“This project’s success is the result of a herculean effort by many individuals," said Ryan Shear, Managing Partner at PMG. "The magnitude of financing we’ve secured and the buyer response underscores the quality of the product and the strength of Miami’s real estate market, which remains one of the strongest in the country. We look forward to completing a record-breaking mat foundation pour this week and moving forward with the vertical construction of this iconic addition to Miami’s skyline.”

“Securing financing for the Waldorf Astoria Hotel & Residences Miami demonstrates the capital market's confidence in our platform," said Dan Kaplan, Managing Partner at PMG. "Recurring collaborations with institutions like Bank OZK and Related Fund Management highlight PMG’s consistent and successful track record over the past three decades. We are excited to commence vertical construction and deliver a defining building for Miami’s skyline.”

The Waldorf Astoria Hotel & Residences Miami will begin a record-breaking foundation pour this week, led by general contractor John Moriarty & Associates and CAPFORM. Over 36 uninterrupted hours, 1,400 trucks will deliver over 13,500 cubic yards of concrete to the site. The vertical construction of the property is slated for completion in Q2 2028.

“Reaching this milestone is a testament to the dedication of our development teams,” said Peter Politis, CEO of Greybrook Realty Partners. “This achievement underscores our commitment to delivering this landmark project, and as it advances into vertical construction, we look forward to bringing this impressive structure to life.”

“We are delighted to finance another project with a quality sponsor like PMG. The premier nature of this mixed-use development, strong unit pre-sales, substantial equity investment, low leverage, and sole senior secured position align with our lending strategy,” said Brannon Hamblen, Bank OZK President. “Miami is now the largest market for our Real Estate Specialties Group, surpassing New York as of this year’s first quarter.”

Located at 300 Biscayne Boulevard, the Waldorf Astoria Hotel & Residences Miami will feature nine spiraling, offset glass cubes designed by Sieger Suarez Architects in collaboration with renowned architect Carlos Ott. The 1,049-foot tower will include 387 private residences and 205 guestrooms and suites within the luxury hotel, located in the first three cubes along with the hotel's signature spaces and private amenities. The developers partnered with award-winning interior design firm BAMO to create captivating environments.

Hotel guests and residents will enjoy access to the Waldorf Astoria brand’s renowned Peacock Alley, a specialty restaurant, indoor/outdoor event spaces, meeting rooms, a resort-style pool deck with private cabanas, and a holistic wellness spa and fitness center. Private residential amenities will include an owners-only lobby and lounge, a hospitality suite, a billiard room, a kid’s club, and an elevated pool deck. Each residence will feature the latest smart-home technology with custom mobile app access to concierge services, including dining reservations, 24/7 room service, spa treatments, house car reservations, valet service, package delivery, and dog walking services. Waldorf Astoria Residences Miami will be managed by Hilton Management Services, ensuring a refined haven through personalized service and best-in-class experiences.

For further details on Miami condo sales, please reach out to David Freed, your dedicated Realtor specializing in Brickell, Miami.

June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding
June 2024 - Supertall Waldorf Astoria Hotel & Residences Miami secures largest construction loan in Florida history with $668 million funding

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