UPDATED, Jan. 7, 5:40 p.m.: Property Markets Group landed a $33 million pre-development loan for the Waldorf Astoria Hotel & Residences Miami before the end of the year.
PMG, along with Greybrook Realty Partners, S2 Development and Hilton, are planning the 98-story luxury hotel and condo tower at 300 Biscayne Boulevard. BridgeInvest provided the loan, which will be used to finalize approvals and launch condo sales, according to a release.
The financing deal closed on Dec. 21, according to a spokesperson for BridgeInvest, but it has not yet been recorded in property records. The non-recourse loan’s flexible structure gives the developer the option to exit in the near future with limited prepayment penalties, the release said.
PMG principal Ryan Shear said in a statement that the developer refinanced its previous debt “at more favorable terms” and that the firm will launch sales when “the timing is right for this class of product.”
PMG announced the Waldorf Astoria brand for the 1,049-foot tower in September. The project will include a 140-key hotel and about 400 condo units. It was designed by Sieger Suarez Architects as a stack of glass cubes.
The development will mark the first in Miami for Waldorf, which is owned by Hilton Worldwide Holdings.
PMG acquired the downtown Miami property for $80 million in 2014, and built X Miami, a rental tower, next to the site.