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PMG, partners score record $668M construction loan for Waldorf Astoria supertall

The Real Deal

PMG and its partners secured $668 million in construction financing for the planned Waldorf Astoria Hotel & Residences in downtown Miami, marking the largest ever condo construction loan in Florida.

Bank OZK, the most active construction lender in South Florida, and Related Fund Management provided the financing, according to a press release. The 1,049-foot tower, designed by architect Carlos Ott with Sieger Suarez Architects as a set of glass cubes stacked on top of each other, is planned for 300 Biscayne Boulevard Way.

New York and Miami-based PMG, Canadian private equity firm Greybrook, Cyprus-based Mohari Hospitality, Aventura-based S2 Hospitality and Hilton are partnering on the supertall. The building will have 387 condos and 205 hotel rooms and suites.

The loan closed four months after Miami-based Mast Capital obtained $600 million in financing for its planned Cipriani Residences condo tower in the Brickell Financial District, just south of downtown Miami. Cipriani was about 50 percent presold at the time, and the lenders are Banco Inbursa and Ascendant Capital Partners.