Newgard Group and Two Roads Development secured a $513 million financing package for their One Brickell Riverfront luxury condo complex that’s under construction.
An undisclosed lender provided a $370 million senior loan and 3650 Capital provided a $143 million mezzanine loan for the two-tower development at 99 Southwest Seventh Street in Miami, according to a press release. The project includes the 44-story, 362-unit Lofty Brickell tower and the 46-story, 422-unit Standard Residences tower. They’ll share a podium.
A spokesperson declined to identify the senior lender.
Miami-based Newgard has financed construction of the two-tower project so far with a $170 million construction loan from Miami-based 3650 REIT, a subsidiary of 3650 Capital, which it provided in 2022. Construction of the project is more than halfway through, and the buildings, which share a podium, are expected to be completed in 2027, according to the release.
The latest $513 million construction financing is one of the largest loans to close this year in South Florida. Other large construction loans include the $600 million financing Bank OZK and mezzanine lender TZ Capital provided in June to Steve Ross’ Related Ross for the planned South Flagler House condo project in West Palm Beach.
Miami and West Palm Beach-based Two Roads joined Harvey Hernandez’s Newgard as a joint venture partner on the One Brickell Riverfront project last November. Earlier this year, they signed a contract to sell a portion of the development site, where a third tower is planned, to Miami Beach-based Prosper, a development firm led by Jay Roberts, and an undisclosed partner.
Miami-based Arquitectonica is designing One Brickell Riverfront. Lofty will include condos ranging from studios to two-bedroom units, and 40,000 square feet of amenities that will include a marina, pool deck, fitness center, spa, cigar lounge and co-working spaces. Remaining penthouses range in asking price from $2.4 million to $3.5 million. Owners will be able to rent their units out on a short-term basis. Cervera Real Estate is handling sales.
Avra Estiatorio, a New York City-based Greek restaurant, will open on the ground floor of Lofty, according to the release.
The Standard Residences building will also have studios, one- and two-bedroom condos with prices for remaining units starting in the mid-$600,000s. Amenities at the Standard tower will include a club lounge and cafe; co-working spaces; a 10th-floor spa with a Hammam, saunas and cold plunge; a fitness center; bowling alley; a restaurant on the ninth floor and a riverfront restaurant at street level. The developers tapped One Sotheby’s International Realty to handle sales.
Other major projects under construction in the neighborhood include Related Group and GTIS Partners’ Baccarat Residences, and Mast Capital’s Cipriani Residences. Mast secured a $600 million construction loan for the tower last year.
The One Brickell Riverfront project isn’t the only Two Roads development to recently secure a large loan. In September, Two Roads nabbed $520 million in construction financing for a waterfront luxury hotel and condo tower in downtown Tampa, which includes C-PACE financing.
The development firm’s projects in South Florida include the planned Edition Residences in Miami’s Edgewater, which has been on hold for years due to litigation surrounding Two Roads’ buyout of the existing condo building on the waterfront site. This summer, an appeals court again ruled in favor of a group of eight holdout owners who have been fighting the buyout.
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