PMG Secures Historic $668 Million for Waldorf Astoria Hotel & Residences Miami
June 21, 2024PMG, along with partners Greybrook, Mohari Hospitality, S2 Development, and Hilton, has secured $668 million in construction financing for the Waldorf Astoria Hotel & Residences Miami. This event marks Florida’s most prominent construction loan for a residential condominium. The tower, set to be the tallest residential building south of New York City, signifies Waldorf Astoria’s debut in Miami.
Bank OZK and Related Fund Management provided the financing, which Jones Lang LaSalle brokered. PMG Residential’s sales team reports that the property is over 90% sold.
Ryan Shear, Managing Partner at PMG, underscored the collective effort and strong buyer response that underpins the project, reflecting the robustness of Miami’s real estate market. Dan Kaplan, also a PMG Managing Partner, reiterated the project’s significance and PMG’s proven track record, showcasing the team’s unity and strength.
The project will soon commence vertical construction following a record-breaking foundation pour involving 1,400 trucks delivering 13,500 cubic yards of concrete over 36 hours. Completion is expected by Q2 2028.
Located at 300 Biscayne Boulevard, the building will feature nine offset glass cubes, designed by Sieger Suarez Architects and Carlos Ott, with interiors by BAMO. The 1,049-foot tower will house 387 residences and 205 hotel rooms, offering a range of opulent amenities and cutting-edge smart-home technology. Managed by Hilton, it promises a refined and modern experience for residents and guests alike.