Miami, FL – In a landmark deal for the South Florida real estate market, a joint venture led by PMG has secured a staggering $668 million construction loan for the development of the Waldorf Astoria Hotel & Residences Miami. This record-breaking financing marks a significant milestone for the project, which is set to become one of the tallest buildings in the United States south of New York City.
The loan, provided by Bank OZK and Related Fund Management, will fuel the construction of this iconic tower, designed by renowned architect Carlos Ott.
The 1,049-foot skyscraper will feature 387 luxury residences and 205 hotel rooms and suites, offering unparalleled views of the Miami skyline and Biscayne Bay.
This achievement solidifies Miami's position as a global real estate powerhouse. The Waldorf Astoria project is a testament to the city's thriving economy and its appeal to both domestic and international investors. The record-breaking construction loan underscores the confidence in Miami's real estate market and the project's potential to redefine the city's skyline.
Key points about the deal for Waldorf Astoria
Record-breaking financing: The $668 million construction loan is the largest ever secured for a residential condominium project in Florida.
Project scale: The Waldorf Astoria Miami will be a supertall skyscraper with 387 residences and 205 hotel rooms.
Economic impact: The project is expected to create numerous jobs and contribute significantly to Miami's economy.
Developer partnership: PMG, Greybrook, Mohari Hospitality, S2 Development, and Hilton are collaborating on this ambitious project.
As construction progresses, the Waldorf Astoria Miami is poised to become a new landmark on the Miami skyline, elevating the city's luxury residential and hospitality offerings.
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