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PMG and Greybrook Secure $226 Million Construction Loan for Second Phase of Society Las Olas in Fort Lauderdale 

The completion date of the mixed-use development project is the first quarter of 2026.

PMG and Greybrook have obtained $226 million in construction funding for the second phase of Society Las Olas, a 42-story apartment complex in Downtown Fort Lauderdale at 140 SW 2nd St. Related Fund Management and Lubert-Adler provided the loan. The second phase’s construction is underway, with John Moriarty & Associates as the general contractor. The project’s first phase was sold in 2021.

“The redevelopment of the Riverfront district in Downtown Fort Lauderdale has been a beloved effort by our team,” Ryan Shear says, Managing Partner at PMG, a national investment, development and asset management firm. “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. 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.” 

PMG’s Capital Markets team, consisting of Andrew Warman, Jon Blank, and Paton Marion, led the transaction with the assistance of in-house counsels Lowell Plotkin, Lindsay Davis, and Scott Buscemi. The legal representation for PMG was provided by Kramer Levin Naftalis & Frankel in conjunction with Saul Ewing.

The second phase of Society Las Olas Slated is designed by FSMY Architects + Planners and is set to feature 563 rental units. These units will offer a combination of traditional layouts with efficient designs and “Rent-by-Bedroom” options for co-living. Additionally, 1,625 square feet of retail space will be available on the ground floor. The amenities include a coworking lab with private meeting rooms, a large pool deck, a yoga lawn, and a modern fitness center. A unique mobile app will enable residents to manage their access and guest lists and adjust their smart thermostats. The app will also allow residents to receive notifications about packages, register for community events, and manage maintenance requests and payments.

“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,” Sami Mouaket says, Director of U.S. Investments and Developments at Greybrook.

Society Las Olas’ second phase is one of many Society Living communities in various stages of development across the nation. The Society Living multifamily brand was created by PMG in 2019 to meet the growing demand for affordable rental housing in desirable locations where residents can connect and thrive. The brand’s philosophy promotes happiness and personal growth through inspiring living spaces and inclusivity. With over 8,500 units planned, Society Living properties are being developed in major cities such as Miami, Atlanta, Orlando, Nashville, Denver, and Brooklyn, with plans for more locations in the future.

Photo Credit: PMG

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.