Property Markets Group and its partner, Greybrook, scored a $226 million construction loan for the second phase of a large mixed-use apartment development in Fort Lauderdale, marking another large loan PMG secured this year.
New York-based Related Fund Management and Lubert-Adler provided the financing, according to a press release. The loan is for the second apartment building at Society Las Olas, which will be a 42-story, 563-unit apartment tower at 140 Southwest Second Street. Related Fund Management is affiliated with billionaire Steve Ross’ Related Companies. Lubert-Adler is an institutional real estate investment manager based in Philadelphia.
John Moriarty & Associates is the general contractor for the apartment tower. Groundwork is underway and it could be completed in the first quarter of 2026, according to a spokesperson.
PMG, led by Ryan Shear and Dan Kaplan, and Toronto-based Greybrook sold the first phase of Society Las Olas to WeWork co-founder Adam Neumann in 2021. The developers financed construction of phase one, a 639-unit tower, with a nearly $154 million loan from a Goldman Sachs credit fund in 2017. PMG’s Society brand has co-living apartment projects in Miami, Atlanta, Orlando, Nashville, Denver and Brooklyn.
Phase two of the Fort Lauderdale development will also include co-living units where tenants can rent by the bedroom, a coworking lab, pool deck, yoga lawn and gym, according to the release. The building calls for 1,625 square feet of ground-floor retail space. It was designed by FSMY Architects + Planners.
PMG’s capital markets team, led by Andrew Warman, and the developer’s in-house counsel, led by Lowell Plotkin, worked on the financing, according to the release.
Developers are having a harder time securing construction financing, as interest rates remain high and fewer regional banks are willing to lend following the string of bank collapses earlier this year. Because debt is more expensive, some developers are borrowing less than they originally anticipated and securing additional equity to help fill their capital stacks.
Still, in May, PMG and E11even Partners closed on a $262 million construction loan for the second planned high-rise at its E11even-branded condo development in downtown Miami. New York-based Madison Realty Capital is the lender for E11even Residences Beyond, a 65-story tower that will connect to the first building, which is under construction.
A month earlier, Tavistock Development Company scored a $175 million construction loan for its waterfront Pier Sixty-Six mixed-use project in Fort Lauderdale. A group of banks led by HSBC provided the financing.
More recently, MG Developer secured a $67.5 million construction loan from New York-based Churchill Real Estate for a luxury condo complex planned in Coral Gables.
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