Construction on the tallest residential building south of New York City is set to commence this weekend, following the developers' securing of a $668 million construction loan.

The Waldorf Astoria Hotel & Residences Miami is poised to become Miami's first supertall skyscraper after securing a $668 million construction loan.

Property Markets Group (PMG) and its partners have obtained financing from Bank OZK and Related Fund Management to construct the Waldorf Astoria Hotel & Residences Miami. This loan for the 1,049-foot tall structure surpasses the previous record for the largest single-tower construction loan in Florida, set in February.

PMG, which operates out of New York and Miami, is collaborating on this project with Canadian private equity firm Greybrook, global investment firm Mohari Hospitality, Aventura-based S2 Development, and Hilton Hotels.

“This project’s success cannot be attributed to a single individual or firm; it was a monumental effort by many to bring Waldorf Astoria Hotel & Residences Miami to life,” PMG Managing Partner Ryan Shear said in a statement.

Located at 300 Biscayne Blvd. on the northern edge of Bayfront Park, the Waldorf Astoria Hotel & Residences Miami is slated for completion in the second quarter of 2028. More than 90% of its 387 condos have been sold, three years after sales first began, according to a release. The units are listed for up to $90 million.

The building’s design, featuring offset cubes, is the result of a collaboration between Sieger Suarez Architects and renowned architect Carlos Ott. The tower will also include a 205-key luxury hotel.

Vertical construction is scheduled to begin this weekend with a 36-hour continuous pour of 1,400 cubic yards of concrete by general contractor John Moriarty & Associates and concrete firm Capform, according to the release.

In November 2014, PMG purchased the 2-acre site for $80 million. The seller was a father-son duo, Mauricio Cohen Assor and Leon Cohen-Levy, who had initially planned two supertall towers for the site before being imprisoned for tax evasion.

PMG is one of Miami's most active developers, with luxury condo and apartment projects such as the E11even Hotel & Residences in Downtown Miami and Society-branded buildings in Wynwood and Fort Lauderdale. PMG's upcoming Fort Lauderdale project with Greybrook also received financing from Related Fund Management last year.

The construction loan was brokered by a JLL team consisting of Christopher Peck, Chris Drew, Brian Baswirth, Jimmy Calvo, and Mateo Bolivar. PMG and Greybrook were also represented by the New York-based law firms Kramer Levin Naftalis & Frankel and Saul Ewing.

Bank OZK is the most active construction lender in the U.S. Its CEO, George Gleason, mentioned in May that the bank aims to grow “as big as it can be while maintaining discipline.”

A Citigroup analyst recently scrutinized Bank OZK's concentration in commercial real estate loans, downgrading its stock from a “buy” to a “sell.” The bank's share price has dropped by more than 20% over the past month.

“We are thrilled to finance another project for a quality sponsor like PMG,” Bank OZK President Brannon Hamblen said in a statement. “The premier nature of this mixed-use development, strong unit pre-sales, substantial equity investment, low leverage, and sole senior secured position align with our lending strategy.”

Miami has now become the largest market on Bank OZK's loan book, surpassing New York City.