Related Group, Merrimac obtain $160 million construction loan for Waldorf Astoria condo
Related Group and Merrimac Ventures secured a $160 million construction loan for their Waldorf Astoria Residences Pompano Beach condo development.
Arkansas-based Bank OZK (NASDAQ: OZK) provided the mortgage to the developers for the 28-story project at 1350 S. Ocean Blvd. with 90 condos branded by Hilton. The developers broke ground on the 1.71-acre site in April, so this loan will help them carry it through completion. The developers said 70% of the condos at Waldorf Astoria are pre-sold. Generally, when a condo exceeds 50% pre-sale it’s more successful in obtaining construction financing.
It was designed by Coral Gables-based Nichols Architects, in collaboration with Kora, led by architects who previously worked with the late Zaha Hadid.
Miami-based Coastal Construction is the general contractor. It should be completed in 24 months.