Today, national developer PMG, in collaboration with partners including Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development, and global hospitality leader Hilton (NYSE: HLT), proudly announces securing $668M in construction financing for Waldorf Astoria Hotel & Residences Miami. This achievement marks the largest construction loan ever secured for a residential condominium development in Florida's history.
As the first supertall tower to break ground in Miami, Waldorf Astoria Hotel & Residences Miami will stand as the tallest residential building south of New York City and herald the esteemed Waldorf Astoria brand's debut in Miami.
Bank OZK and Related Fund Management provided the financing, with the transaction facilitated by Jones Lang LaSalle (NYSE: JLL). Legal representation was provided by Kramer Levin Naftalis & Frankel LLP and Saul Ewing LLP for PMG and Greybrook, respectively. PMG Residential leads sales efforts, having already sold over 90% of the property.
"This project’s success is a testament to the collaborative effort of many individuals who have brought Waldorf Astoria Hotel & Residences Miami to life," said Ryan Shear, Managing Partner at PMG. "The significant financing secured and enthusiastic buyer response underscore the project's quality and the strength of Miami's real estate market."
Dan Kaplan, Managing Partner at PMG, added, "Securing financing for such a significant and iconic project in today’s market underscores the confidence capital markets have in our platform. Our longstanding partnerships, such as with Bank of the Ozarks and Related Fund Management, reflect our consistent success over the past three decades."
The Waldorf Astoria Hotel & Residences Miami is set to complete a record-breaking foundation pour this week, led by general contractor John Moriarty & Associates and CAPFORM. Over 36 hours, 1,400 trucks will deliver 13,500 cubic yards of concrete, marking the start of vertical construction. Completion is scheduled for Q2 2028.
"We are thrilled to reach this milestone, highlighting the dedication of our development teams," said Peter Politis, CEO of Greybrook Realty Partners. "As the project moves into vertical construction, we look forward to bringing this landmark structure to life."
Located at 300 Biscayne Boulevard, the architecturally striking Waldorf Astoria Hotel & Residences Miami features nine spiraling, offset glass cubes enveloped in a distinctive "glass skin." Designed by Sieger Suarez Architects in collaboration with Carlos Ott, the 1,049-foot tower will include 387 private residences and 205 guestrooms and suites.
Residents and guests will enjoy luxury amenities such as Waldorf Astoria’s renowned Peacock Alley, a specialty restaurant, event spaces, a resort-style pool deck, and a holistic wellness spa. Managed by Hilton Management Services, Waldorf Astoria Residences Miami promises a refined living experience with personalized service and top-tier amenities.
For more information on Waldorf Astoria Hotel & Residences Miami, visit www.waldorfresidencesmiami.com.
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