A new Miami skyscraper where apartments will cost up to $90mn has secured a $668mn residential construction loan — the largest in Florida’s history — as the pandemic boom town’s heated high-end housing market shows no signs of cooling.
The Waldorf Astoria Residences by property developer PMG will be the tallest building in the Americas south of New York City, towering more than 1,000 feet over downtown Miami. The $668mn loan it has secured, from Bank OZK and Related Fund Management, breaks the previous record for a residential construction loan in Florida, a $600mn loan for the Cipriani Residences earlier this year.
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