The Pérez family’s Related Group and the Motwanis’ Merrimac Ventures secured a $160 million construction loan for their Waldorf Astoria Residences Pompano Beach condo development, The Real Deal has learned.
Miami-based Related and Fort Lauderdale-based Merrimac received the financing from Bank OZK, an active construction lender in South Florida. The 92-unit oceanfront development planned for the 1.8-acre site at 1350 South Ocean Boulevard in Pompano Beach will mark the first standalone residential project without a hotel for Waldorf Astoria, a Hilton brand, according to a press release.
The project is more than 70 percent presold, the developers said. Condos will range from 2,100 square feet to 6,100 square feet. The four penthouses range in price from $16 million to $20 million, and two upper penthouses will include rooftop terraces of up to 3,500 square feet with air-conditioned spaces, outdoor kitchens and private pools, according to the release.
The building, designed by Nicholas Architects, KORA, BAMO and Enea Landscape will be 28 stories tall. Amenities will include a 20,000-square-foot pool deck, outdoor bar and restaurant, a fitness center and studio, spa and multi-sport simulator.
The Motwanis planned to develop condos on the site as early as 2017. An affiliate of the firm paid $11.5 million for the site in 2011, which at the time included the 4-acre property at 1333 South Ocean Boulevard that has since been developed into luxury rentals.
The development will mark the second Waldorf Astoria Hotels & Resorts-branded condominium in South Florida. PMG and Greybrook are working on the Waldorf supertall with a hotel, planned in downtown Miami. They secured a $668 million construction loan from Related Fund Management for the project last year.
Construction lenders are still active in South Florida, doling out large loans for condo and multifamily projects, despite a challenging environment.
Last month, Related Group landed a $230.8 million construction loan for Andare Residences, a Pininfarina-designed luxury condo project in Fort Lauderdale. Apollo Global Management’s Athene Annuity and Life Company took over a $14.8 million loan provided to Related in 2023 and increased the financing by $216 million.
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