Developer Property Markets Group said it has secured a $668 million loan for its Waldorf Astoria Residences luxury condominium and hotel tower project in downtown Miami.

Other project partners include Greybrook Realty Partners, Hilton, Mohari Hospitality and S2 Development. The general contractor is John Moriarty & Associates.

The tower will include 387 residences, as well as 205 guest rooms and suites as part of the hotel component.

According to Kramer Levin, which said it advised PMG on the deal, the loan includes both mortgage and mezzanine financing and is the largest residential loan in Florida history.

At more than 1,000 feet tall, the high-rise is slated to be the first super-tall building in Florida when complete. The Council on Tall Buildings and Urban Habitat categorizes buildings 984 feet or taller as “super-tall” and buildings 1,968 feet or taller as “mega-tall.” Globally, there are currently 173 super-tall and only three mega-tall buildings.

Kramer Levin said that the Walford Astoria Residences will be the tallest building south of New York City in both North and South America.

Work is already underway for the luxury tower, which will feature 100 stories; an immersive, resort-style pool with an outdoor cafe and private cabanas; a private, residential pool deck overlooking Biscayne Bay; a spa; a Peacock Alley cocktail lounge in the lobby; savant smart-home technology that connects residents to 24-hour concierge services and other building amenities; several retail and dining options; pre-function and function spaces; meeting rooms and board meeting space.

C&C Concrete Pumping, under the direction of forming contractor CapForm, recently pumped approximately 1,300 trucks worth of concrete for the mat foundation during a pour that lasted about 30 hours.

According to the Skyscraper Center, the design and engineering team includes Carlos Ott Architects, The Sieger Suarez Architectural Partnership, CHM Structural Engineers LLC and MG Engineering DPC.

Also winning a significant construction loan – $400 million – in the last several days is the 10-story, 50-condo, ultra-luxury Residences at Six Fisher Island project on Fisher Island, which is just off Miami Beach.

Madison Realty Capital made the loan to the joint venture, which is comprised of Related Group, Teddy Sagi, BH Group and Wanxiang America RE Group. Bloomberg reported that the developers plan to start construction this summer.