Leading real estate development firm PMG and private equity firm Greybrook have secured $226 million in construction financing for phase two of Society Las Olas, a 42-story apartment community located in Downtown Fort Lauderdale at 140 SW 2nd St. The loan was provided by Related Fund Management and Lubert-Adler. John Moriarty & Associates is the general contractor of Society Las Olas’ second phase, which is currently completing groundwork and is slated for completion in Q1 2026. Society Las Olas’ first phase was sold in 2021.
“The redevelopment of the Riverfront district in Downtown Fort Lauderdale has been a beloved effort by our team. The first phase of Society Las Olas was the flagship property under the Society Living portfolio and established a true community hub, bringing quality residential product to the market, activating the riverfront promenade through stand-out retail tenants, and beautifying the space with extraordinary art installations,” said Ryan Shear, Managing Partner at PMG. “We look forward to continuing the construction of Society Las Olas’ second phase alongside our partners and lenders. Downtown Fort Lauderdale is an immensely desirable destination, and we are confident this second tower will meet strong demand while extending the impact of Society Las Olas as a landmark project for the city.”
The transaction was led by PMG’s Capital Markets team, Andrew Warman, Jon Blank and Paton Marion in coordination with in-house counsels Lowell Plotkin, Lindsay Davis and Scott Buscemi. PMG was represented by Kramer Levin Naftalis & Frankel alongside Saul Ewing.
Designed by FSMY Architects + Planners, the second phase of Society Las Olas Slated will include 563 rental units, offering a blend of traditional units with efficient layouts and “Rent-by-Bedroom,” or co-living options. It also will include 1,625 square feet of ground floor retail space in addition to an impressively vast array of amenities, including a coworking lab with private meeting rooms, a massive pool deck and yoga lawn, and a large modern 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.
“With the first phase of Society Las Olas having been so well-received as part of the Riverfront’s revitalization effort, we are keen to further advance our phase two plans and complete the project for the benefit of a variety of stakeholders” said Sami Mouaket, Director of U.S. Investments and Developments at Greybrook.
Society Las Olas’ second phase is among a growing national portfolio of Society Living communities in various stages of development. Launched in 2019, PMG created the Society Living multifamily brand to address the insatiable demand for reasonably priced rental housing in the most desirable locations, where neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating inspiring living spaces that encourage personal growth and inclusivity. With over 8,500 units planned, development of Society Living properties is underway in Miami, Atlanta, Orlando, Nashville, Denver and Brooklyn, with more to be announced. With more than 32 years of experience and a nationwide presence, PMG has delivered more than $11B in assets with impeccable attention to execution and detail. PMG is currently developing The Waldorf Astoria Miami, E11EVEN Hotel & Residences, E11EVEN Residences Beyond, and West Eleventh Residences, amongst others.
