Key Takeaways
- • PMG and Greybook secured a $250 million refinancing for the second phase of Society Las Olas, a 42-story, 563-apartment tower in Downtown Fort Lauderdale completed this year.
- • Benefit Street Partners, part of Franklin Templeton, is the lender, according to property records cited by Commercial Observer.
- • The new debt replaces a $226 million construction loan originated in 2022 by Related Fund Management and Lubert-Adler, per a PMG representative.
Summary
PMG and Greybook have obtained $250 million to refinance the second phase of Society Las Olas, a 42-story, 563-apartment residential tower in Downtown Fort Lauderdale that was completed this year. The property is located at 140 Southwest Second Street and 219 Southwest First Avenue. According to property records cited by Commercial Observer, the lender is Benefit Street Partners, the private credit arm of Franklin Templeton.
The new financing replaces a $226 million construction loan made in 2022 by Related Fund Management and Lubert-Adler, a PMG representative said. The transaction marks a refinancing of a newly delivered Class A multifamily asset in one of South Florida's most active residential submarkets. Additional terms such as loan structure, maturity, and pricing were not available in the reporting reviewed.
The new financing replaces a $226 million construction loan made in 2022 by Related Fund Management and Lubert-Adler, a PMG representative said. The transaction marks a refinancing of a newly delivered Class A multifamily asset in one of South Florida's most active residential submarkets. Additional terms such as loan structure, maturity, and pricing were not available in the reporting reviewed.
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