Greg Newman

When a big construction loan closes in South Florida, there is a strong chance it was Bank OZK that was behind the deal.

The Little Rock, Ark.-based lender has carved out a niche as a top national construction lender in recent years, with much of its volume now flooding into the Sunshine State. 

“I think that the main reason that we can win our fair share of deals is we don’t syndicate any of our loans,” Greg Newman said. “That gives, a lot of times, these developers confidence that we have a proven track record that we can deliver, and they don’t have any syndication risk of trying to sell off the piece.”

One of Bank OZK’s signature South Florida deals in 2024 was a $668 million construction financing that it closed in June with Related Fund Management for the 93-story Waldorf Astoria Hotel & Residences Miami owned by a PMG-led joint venture. The debt package for the 205-key hotel and 387-condo development set the mark for the largest construction loan in South Florida history. 

The record-breaking transaction followed a $328 million construction loan Bank OZK closed in May 2024 for Related Group and GTIS Partners to build the 75-story Baccarat Residences condo development in Miami’s Brickell district. 

North of Miami, Bank OZK executed an $84 million construction loan in June 2024 for NDT Development, Place Projects and Wheelock Street Capital to build the first phase of its 40-acre, mixed-use Nora District development in West Palm Beach.

The Miami metropolitan area surpassed New York as the top market in Bank OZK’s real estate specialties group (RESG) during 2024’s first quarter and stayed in that spot for each subsequent quarter during the year. Newman, who is a key player in RESG, said 2025 is shaping up to be another active lending year in South Florida, particularly among condos.

“I think this year is going to be strong for us in the Southeast and South Florida in general,” Newman said. “I’m blessed to be in one of the markets where there’s a lot of activity.”