Developer PMG and private equity firm Greybrook Realty Partners have secured $226 million in construction financing for the 563-unit second phase of Society Las Olas, a 42-story multifamily community in downtown Fort Lauderdale, Fla.
The two towers comprising Society Las Olas, which is in the city’s Riverfront district, will offer more than 850,000 rentable square feet. The first phase, offering 693 units, was sold in 2021.
Related Fund Management and Lubert-Adler Partners provided the loan. The transaction was led by a PMG team comprising Andrew Warman, Jon Blank and Paton Marion, as well as in-house counsels Lowell Plotkin, Lindsay Davis and Scott Buscemi. PMG was represented by Kramer Levin Naftalis & Frankel and Saul Ewing. Further details on the construction financing could not immediately be learned.
Groundwork has begun at the second tower, which is located at 140 SW 2nd St. Construction is expected to be complete in the first quarter of 2026. John Moriarty & Associates is the general contractor and FSMY Architects + Planners is the designer for the second phase.
Society Las Olas is the flagship property of the company’s Society Living portfolio, which offers coliving and coworking options. The property was designed as a community hub along the riverfront promenade, offering residences, retail and art installations and playing a pivotal role in revitalizing downtown Fort Lauderdale’s Riverfront district. The first phase included a 17,084-square-foot retail center on the ground floor of the first tower.
Society Living Details
The second phase of Society Las Olas will offer a blend of traditional rental units as well as “rent-by-bedroom” or coliving options. The building will host 1,625 square feet of ground-floor retail space, along with a coworking lab with private meeting rooms. Other amenities include a pool and deck, yoga lawn and fitness center. A proprietary mobile app will enable keyless entry and allow residents to manage guest lists and access, adjust smart thermostats, send notifications about packages, manage payments and maintenance requests and register for community events.
PMG, which operates across Florida, New York, Colorado, Arizona, Tennessee and Georgia, launched the Society Living multifamily brand in 2019. In August 2021, PMG and Greybrook received $142.3 million in financing from Pacific West Bank and Square Mile Capital to develop Society Wynwood, a 318-unit mixed-use project in Miami’s Wynwood Arts District. The 10-story community at 2421 NW Second Ave. is slated for delivery in winter 2024. In addition to a coworking area it will have 50,210 square feet of retail space.
More than 8,500 units across the United States are planned under the Society Living brand, including projects in Atlanta, Denver, Orlando, Fla., and Nashville, Tenn., as well as Brooklyn, N.Y.
PMG has a multi-billion nationwide portfolio that also includes condominium projects including 111 W. 57th St. in Manhattan and E11EVEN Hotel & Residences, Waldorf Astoria Hotel & Residences and The Elser Hotel & Residences in Miami. On Florida’s West Coast, PMG is developing Sage Longboat Key Residences in Longboat Key, Fla., and One Park Sarasota in Sarasota, Fla. PMG also has a national affordable housing division.
