FORT LAUDERDALE, FLA. — A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers.
Located at 140 S.W. 2nd St., the 42-story building represents Phase II of Society Las Olas, the first phase of which opened in May 2020 and sold in 2021. Phase I’s retail component, which spans 17,000 square feet, was sold separately to PMG and Greybrook in early 2022 for $17 million.
Phase II of Society Las Olas will add 563 new luxury apartments to the local supply, as well as 1,652 square feet of ground-floor retail space. Units will comprise apartments with traditional rental arrangements as well as co-living/rent-by-bedroom options.
Amenities will include a coworking lab with private meeting rooms, pool deck, yoga lawn and a modern fitness center. Residents will have access to a proprietary mobile app that will enable keyless entry and allow residents to manage guest lists, adjust smart thermostats, send notifications about packages, manage payments, request maintenance and register for community events.
Society Las Olas is the newest phase of the redevelopment of the Riverfront district in downtown Fort Lauderdale. The first phase reimagined the corridor with new retail options and art installations, according to Ryan Shear, managing partner at PMG.
“We look forward to continuing the construction of Society Las Olas’ second phase alongside our partners and lenders,” says Shear. “Downtown Fort Lauderdale is an immensely desirable destination, and we are confident this second tower will meet strong demand while extending the impact of Society Las Olas as a landmark project for the city.”
PMG and Greybrook have tapped general contractor John Moriarty & Associates and architect FSMY Architects + Planners for the design-build team. Site work is underway, and the co-developers expect to complete the development in first-quarter 2026.
PMG’s capital markets and legal teams that worked on the deal include Andrew Warman, Jon Blank, Paton Marion, Lowell Plotkin, Lindsay Davis and Scott Buscemi. Kramer Levin Naftalis & Frankel and Saul Ewing provided legal counsel.
PMG launched the Society brand in 2019 and today there are more than 8,500 Society units set to come on line in markets including Miami, Atlanta, Orlando, Nashville, Denver and Brooklyn, as well as Fort Lauderdale. PMG will announce more locations in the near future. The firm is also building out its affordable housing division nationally.
Greybrook has invested over $2 billion of equity in more than 100 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio includes over 60 million square feet of residential and commercial real estate properties that include assets in development, completed projects and operating assets, with an estimated completion value of more than $30 billion.
— John Nelson