Construction financing has been secured for Waldorf Astoria Residences Pompano Beach, a forthcoming 28-story oceanfront condominium tower poised to rise along the Broward County coastline. The $160 million loan was issued by Bank OZK to support the project’s vertical construction. The development is being led by Related Group and Merrimac Ventures in collaboration with hospitality brand Hilton, which will oversee residential operations under the Waldorf Astoria name.
Marking the first-ever standalone residential property in Waldorf Astoria’s century-long history, the tower will contain 92 condominium residences and is slated for completion in 2027. According to the development team, the project is now over 70 percent sold.
“This financing marks a pivotal milestone for The Residences and the vision we’ve long held for this iconic oceanfront site,” said Dev Motwani, CEO of Merrimac Ventures. “This property location, design and unmatched lifestyle offerings have resonated with buyers, quickly propelling us past 70 percent sold in a remarkably short timeframe.”…