PMG Secures $153.9M Construction Loan for Development of Mixed-Use Project in Fort Lauderdale
FORT LAUDERDALE, FLA. — Property Markets Group (PMG) has secured a $153.9 million construction loan for Phase I of the Fort Lauderdale Riverfront project, a mixed-use development situated along Fort Lauderdale’s New River. Eric McGlynn, Kevin O’Grady and Daniel Sheehan of Walker & Dunlop, in partnership with Steven Fischler of SRF Ventures Inc., secured the loan through Broad Street Real Estate Credit Partners III, the credit fund of Goldman Sachs & Co.’s merchant banking division. Fort Lauderdale Riverfront, which will include two apartment towers spanning 1,200 units, is being developed through PGM’s multifamily division, known as PGMx. Phase I of Riverfront will include a 36-floor residential tower with roughly 600 micro-units and multi-bedroom suites, over 100,000 square feet of communal amenity space, a public plaza on the ground floor featuring restaurants, nightlife and entertainment and approximately 18,000 square feet of retail space. Dev Motwani of Merrimac Ventures will own and manage the retail portion. PMG purchased the 2.4-acre parcel of land from Merrimac Ventures for $29 million earlier this year. The entire project is slated for completion in 2020.