Property developer PMG has secured a $668 million residential construction loan – the largest in Florida's history – for its luxury Waldorf Astoria Residences project in Miami. Bank OZK and Related Fund Management are the lenders. The Financial Times, which reported on the transaction, noted that the closest sized deal in the state is a $600 million loan for the Cipriani Residences earlier this year.
The transaction brokered was by Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of Jones Lang LaSalle. Kramer Levin Naftalis & Frankel LLP and Saul Ewing LLP represented PMG.
PMG partnered with Canadian private equity firm Greybrook, global investment company Mohari Hospitality, S2 Development, and Hilton on this deal.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
