MIAMI — PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami.
Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component will include Peacock Alley, a concept that is part of the Waldorf Astoria band. The Waldorf Astoria is part of the Hilton Hotels (NYSE: HLT) family of brands.
Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo and Mateo Bolivar of JLL arranged the financing through Arkansas-based Bank OZK and New York City-based Related Fund Management on behalf of PMG. According to South Florida Business Journal, condo sales launched in 2021, and the formal groundbreaking took place in 2022.
At the time of the loan closing, more than 90 percent of the residences had been pre-sold. Vertical construction of the property is slated for mid-2028 completion.
Hotel guests and residents will have access to a shared suite of amenities. These will include:
- Indoor/outdoor meeting and event spaces
- A pool with private cabanas
- Wellness spa and fitness center
- An owners’ lobby and lounge
- Billiards room and kids’ club
Residents of the Waldorf Astoria Hotel & Residences Miami can also utilize a custom app to access services such as dining reservations, 24/7 room service and spa treatments, as well as access to valet, package delivery and dog walking services.
Project partners include a design team comprised of Sieger Suarez Architects and Carlos Ott Architects. John Moriarty & Associates is serving as the general contractors. In addition to Hilton, PMG is developing the property in partnership with Canadian private equity firm Greybrook, global investment firm Mohari Hospitality and S2 Development.
“It was nothing short of a herculean effort by a collective of so many individuals to bring Waldorf Astoria Hotel & Residences Miami to fruition,” says Ryan Shear, managing partner at PMG. “Both the magnitude of financing we’ve secured for this project and its incredible buyer response is testament to the quality of product and strength of Miami’s real estate market.”
“The premier nature of this mixed-use development, strong unit pre-sales, substantial equity investment, low leverage and sole senior secured position are all consistent with our lending strategy,” adds Brannon Hamblen, president of Bank OZK.
— Taylor Williams