Benefit Street lends $250M on Society Las Olas phase two
Benefit Street Partners made a $250M loan on Society Las Olas phase two, a 563-unit Fort Lauderdale tower, about $444K per apartment. Terms were not disclosed.
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- Also reported by Commercial Observer
Benefit Street Partners, a Franklin Templeton unit, provided a $250 million loan to PMG and its joint venture partner Greybook for Society Las Olas phase two in Fort Lauderdale, Commercial Observer reported on Nov. 12. The 42-story, 563-apartment tower sits at 140 SW 2nd St and 219 SW 1st Ave and was completed in 2026.
Why it matters
A lender putting $250 million behind a finished Broward high-rise is a vote on downtown Fort Lauderdale rental demand. Phase one, a 34-story, 639-unit building, was completed in 2020, so the developers now have a second tower with a track record next door. For South Florida sponsors, it shows institutional credit is available for completed, stabilizing rental product.
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The numbers
Our math, using the reported figures: $250 million across 563 apartments is about $444,000 of loan per unit. Phase two is roughly 12% smaller than phase one by unit count (563 versus 639), but taller, 42 stories against 34. That works out to about 13 apartments per floor in phase two against about 19 in phase one, a lower-density, likely larger-unit floor plate. Together the two phases hold 1,202 apartments.
The loan term, rate and type were not disclosed. The report does not say whether the money refinances construction debt or is permanent financing, and we have not pulled a recorded mortgage, so we do not state a lien amount or lender position beyond what was reported.
What’s next
Watch for the recorded mortgage in Broward County records, which would show the lender entity, amount and maturity. Lease-up pace on the new tower, and whether the partners refinance or sell phase one, will show how this lender views the pair.
Quick answers
- What is the latest on PMG in South Florida?
- Benefit Street Partners made a $250M loan on Society Las Olas phase two, a 563-unit Fort Lauderdale tower, about $444K per apartment. Terms were not disclosed.
- What are the key numbers for PMG?
- Loan size: $250M; Phase two units: 563; loan per unit: $444K.
- Where does the information on PMG come from?
- The story cites Commercial Observer.
On the record
$250M divided by 563 apartments is about $444,000 of loan per unit; phase two has 563 units in 42 stories (about 13 units per floor) versus 639 units in 34 stories (about 19 per floor) in phase one
Our data · commercialobserver.com
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