Related Group And Merrimac Ventures Secure $160 Million Construction Loan From Bank OZK For Pompano Beach Project

The asset is a development site located at 1350 South Ocean Boulevard in Pompano Beach, covering an area of 1.8 acres. The site is designated for the construction of the Waldorf Astoria Residences, which is the Hilton brand’s first standalone residential project. The development will include a 28-story oceanfront tower with 92 units and penthouses priced up to $20 million, along with various resort-style amenities.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $160,000,000
• Asset Address: 1350 South Ocean Boulevard
• Market: Pompano Beach
• Lender: Bank OZK
• Landlord: Jon Paul Pérez & Nick Pérez - Related Group; Dev Motwani - Merrimac Ventures
• Loan Type: Construction
• Total Units: 92
• Penthouse Prices: Up to $20 million
• Site Size: 1.8 acres
• Building Height: 28 stories
• Presold Units: Over 70%

The individuals involved in this transaction include Jon Paul Pérez and Nick Pérez, who are associated with Related Group, alongside Dev Motwani from Merrimac Ventures. Together, they have secured a substantial construction loan from Bank OZK to develop this innovative residential project, marking a significant milestone for the Hilton brand in residential construction.