Developer Property Markets Group has closed on a $153.9 million construction loan for the first phase of its mixed-use Fort Lauderdale Riverfront project. Slated for completion in 2020, PMGx’s mixed-use scheme will include two apartment towers with 1,200 residential units. Phase one will see the construction of a 36-floor residential tower with approximately 600 units along with more than 100,000 square feet of communal amenity spaces throughout the tower and rooftop. Additionally, phase one will include a large public plaza on the ground floor featuring restaurants, nightlife and entertainment along the New River waterfront.
Funding was supplied by the Merchant Banking Division of Goldman, Sachs & Co., through its credit fund Broad Street Real Estate Credit Partners III. The financing was arranged by a partnership of Walker & Dunlop’s Miami team and NY-based SRF Ventures. PMG acquired the 2.38 acre parcel of land for $29 million from Las Olas Riverfront LP, an affiliate of Merrimac Ventures led by President Dev Motwani. Motwani will retain approximately 18,000 square feet of retail developed in phase one along the river.
“Securing the loan has been a huge achievement for PMGx,” said Ryan Shear, Principal of Property Markets Group. “It’s a major step towards bringing a unique and exciting living experience to the Fort Lauderdale market, and we look forward to making this project special for the community.”
