PMG Lands $115 Million Construction Loan in Fort Lauderdale

PMG scored $115 million in construction financing for the 44-unit Sage condominium project on a waterfront site in Fort Lauderdale.

The 28-story building adds to an already crowded pipeline of luxury projects across South Florida, with the tri-county region being especially saturated with branded residences.

Foreign buyers account for much of South Florida’s condo demand, despite the Trump administration’s immigration policies.

PMG, with offices in New York and Miami, started construction last month on Sage Intracoastal Residences Fort Lauderdale at 900 Intracoastal Drive, according to the developer’s news release. Completion is expected in late 2027.

New York-based GoldenTree Asset Management is the lender.

Renderings of the Sage Intracoastal Residences Fort Lauderdale (ARX Creative)

Andrew Warman, Jonathan Blank and Paton Marion of PMG Capital Markets were part of the team that brokered the financing.

Last year, PMG, led by Ryan Shear and Dan Kaplan, paid $19.2 million for the two-story, 16-unit co-op building circa-1957 that was on the site. Across South Florida, aging co-ops and condo buildings have been quickly scooped for redevelopment in recent years.

The property has 200 feet of frontage to the Intracoastal Waterway and views to the Atlantic Ocean. Future development that could hinder the views is unlikely because of the Bonnet House Museum & Gardens, a historic home and gardens, to the northeast of the development site.

Designed by Fort Lauderdale-based FSMY Architects, Sage will consist of two-, three- and four-bedroom condos, starting at 2,767 square feet, according to the release. The building will have more than 19,000 square feet of amenities, including Sage Wellness Spa.

PMG has ramped up its luxury condo development activity in South Florida, and it’s among the developers that have jumped on the branded residences trend. In downtown Miami, PMG and its partners are building the Waldorf Astoria-branded supertall with 387 condos and 205 hotel keys.

In April, PMG scored a $413 million construction loan for One Twenty Brickell Residences with a 37-story, 266-unit condo tower and a 41-story, 537-unit apartment tower in Miami’s Brickell. The project is under construction at 120 Southwest Eighth Street.

Despite higher interest rates and a pipeline of towers threatening a potential over-saturation in the market, construction financing for luxury condos has flowed in South Florida. Last month, Yamal Yidios’ Ytech secured $565 million in financing for its 70-story, 195-unit condo tower at 1428 Brickell Avenue in Miami. Also, Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group this month boosted an existing construction loan for their St. Regis Residences in Sunny Isles Beach to a total of $418.3 million. The two-tower project will have 320 condos at 18801 Collins Avenue.