PMG Secures Construction Loan for Fort Lauderdale

admin Multi-Family, Portfolio Updates

Greybrook’s Fort Lauderdale development partner, Property Markets Group (PMG), announced this week that a $153.9 million USD construction loan closed for the two-tower purpose-built rental development. Provided by Broad Street Real Estate, the financing will enable the first phase of construction to begin on the first 600 unit, 36-storey tower on the Las Olas Riverfront. Two apartment towers are planned for the site for a total of 1,200 units, more than 10,000 square feet of shared amenities, and a waterfront public plaza at grade.

PMG’s financing representative, Luis Flores of Arnstein & Lehr LLP, broke the news to The Real Deal, stating that this loan is the “change in flavor for the type of product that construction lenders are attracted to.” Purpose-built rental development continues to be in high-demand in the South Florida region and contributed to PMG’s creation of PMGx, a multi-family division offering social living solutions.

Image: Renderings of the Fort Lauderdale development with PMG director Ryan Shear in the foreground, via The Real Deal

Read the Real Deal article on PMG’s construction loan.

Stay tuned to PMG’s site to learn more about PMGx.