Kramer Levin Advises PMG in Securing Record $668 Million Construction Loan for Florida’s First Supertall Condo Tower

Kramer Levin advised PMG in securing a record $668 million construction loan, comprised of both mortgage and mezzanine financing, in support of the development of the Waldorf Astoria Residences, the first supertall building in Florida. Once complete, the condominium tower will stand at more than 1,000 feet in downtown Miami, and it will be the tallest building in both North and South America south of New York City. The loan is the largest residential construction loan in Florida’s history. The transaction closed on June 13, 2024.

The deal was reported on by Financial Times, Commercial Observer and The Real Deal.