(Bloomberg) — Blackstone Group Inc. and funds managed by Apollo Global Management Inc. loaned $345 million for a residential project that will be the tallest building in Miami Beach, paving the way for a groundbreaking next month.

The construction financing for the 519-foot (158-meter) “Five Park” tower was given to Miami-based developer Terra and GFO Investments LLC, which invests on behalf of the Galbut family, according to a statement Wednesday. The 48-story project at the entrance to South Beach, which will have about 280 units and is slated for completion in 2023, is the largest to be funded in South Florida since the start of the pandemic.

“Miami Beach is well-positioned for long-term growth as a global gateway city, with continued demand coming from both foreign and domestic buyers,” said Terra Chief Executive Officer David Martin said in the statement.

The loan is at least the third move in the area for Blackstone in recent months. The New York-based firm said late last year that it was setting up a Miami office for technology workers, and Blackstone-managed funds agreed this month to buy two downtown Miami office towers for about $230 million.