PMG Lands $115M for Waterfront Fort Lauderdale Condo Tower

PMG nabbed an additional $100 million in construction debt to complete a waterfront condo tower in Fort Lauderdale, Fla., property records show.

GoldenTree Asset Management increased a $15 million loan issued in 2024 for the Sage Intracoastal Residences development by about $100 million, bringing the total to nearly $116 million. The 28-story project broke ground in November and is scheduled to be completed in 2027.

The development at 900 Intracoastal Drive, just east of the Galleria Mall, will feature 44 three-bedroom and four-bedroom apartments facing an inlet, with units starting at 2,767 square feet. Amenities will include a gym, a pool, a spa and a sauna. 

A representative for the Miami-based developer did not immediately respond to an inquiry about the number of units that have already been presold. 

The condo development is replacing a low-rise co-op, which was built in 1957 and sat on a 0.8-acre site that PMG purchased for $18.5 million last year. 

Sage Intracoastal Residences marks just the latest condo project under construction from PMG, founded by Kevin Maloney and led by Dan Kaplan and Ryan Shear. Earlier this month, the developer nabbed $92 million for a condo high-rise in Miami’s Overtown neighborhood. Nearby, it secured $215 million in April, also from GoldenTree Asset Management, for another condo tower. 

In Brickell that same month, PMG obtained $413 million to build a two-tower residential project. The supertall Waldorf Astoria condo high-rise in Downtown Miami remains under construction after landing $668 million in financing in 2024.

Julia Echikson can be reached at jechikson@commercialobserver.com.