Development firm PMG and private equity firm Greybook have secured $250 million to refinance a new multifamily building in Downtown Fort Lauderdale, property records show.
The financing from Franklin Templeton’s Benefit Street Partners covers the second phase of the Society Las Olas complex, which was completed this year. The 42-story tower features 563 apartments at 140 Southwest Second Street and 219 Southwest First Avenue, between the New River and West Broward Boulevard.
The debt replaces a $226 million construction loan issued in 2022 by Related Fund Management and Lubert-Adler, according to a representative for PMG.
The joint venture completed Society Las Olas’ first phase — a neighboring 34-story, 639-unit building — in 2020. Two years later, it sold the property to Adam Neumann, the founder and former CEO of WeWork, for an undisclosed amount. He now operates the asset through his Flow housing venture.
The new financing comes seven months after Flow purchased a 50 percent stake in PMG and Greybook’s Society multifamily property in Miami’s Wynwood neighborhood, The Real Deal reported. The 10-story building, completed in 2024, features 318 units.
In recent months, PMG has focused on condo development, launching sales this year for the Delano condo development as well as the condo development branded by the hospitality firm co-founded by Kygo, a chart-topping Norwegian DJ. It has also secured construction financing for three condo projects in Miami.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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