Fort Lauderdale’s Society Las Olas receives $226 million in construction financing
Fort Lauderdale, Florida – PMG, a property developer, and Greybrook Realty Partners, a private equity firm, have successfully arranged a $226 million construction loan for the second phase of Society Las Olas. This project, located in Fort Lauderdale’s Riverfront district, involves the creation of a 42-story, 563-unit multifamily community.
Society Las Olas, which consists of two towers and offers over 850,000 rentable square feet, is an integral part of the city’s landscape. The inaugural phase, comprising 693 units, was successfully sold in 2021.
The financial deal was facilitated by Related Fund Management and Lubert-Adler Partners, with the transaction overseen by a team from PMG that included Andrew Warman, Jon Blank, and Paton Marion. The legal advisors on the project, namely Kramer Levin Naftalis & Frankel and Saul Ewing, represented PMG. Details about the terms of the construction financing have not been disclosed yet.
The site at 140 SW 2nd St, where the second tower is to be erected, is already under preparation. Completion is anticipated by the first quarter of 2026, with John Moriarty & Associates serving as the general contractor and FSMY Architects + Planners handling the design elements.
Society Las Olas represents the crown jewel in the Society Living portfolio, a brand launched by PMG in 2019. These properties feature a mix of coliving and coworking spaces, and are designed to function as community hubs. The first phase also housed a 17,084-square-foot retail center.
The forthcoming second phase of Society Las Olas will feature both traditional rentals and coliving spaces. It will also contain a coworking space with private meeting rooms, a pool and deck, yoga lawn, and fitness center, along with a proprietary mobile app to facilitate residents’ everyday lives.
This is not the only venture for PMG, which has projects across Florida, New York, Colorado, Arizona, Tennessee, and Georgia. In August 2021, the developer received $142.3 million in financing to develop Society Wynwood, a 318-unit mixed-use project in Miami’s Wynwood Arts District. PMG’s nationwide portfolio spans billions and includes condo projects like 111 W. 57th St. in Manhattan and various properties in Miami. Additionally, the company is developing projects in Longboat Key and Sarasota, Florida, and maintains a national affordable housing division.
