Newgard Lands $110M For Short-Term Rental Tower in Brickell
Newgard Development Group scored $170 million to build a waterfront condominium in Miami’s Brickell district, property records show.
The 44-story development called Lofty will feature 364 units, which will be sold furnished with no rental restrictions. The building will also include 40,000 square feet of amenities, such as a private marina, a members-only social club, a pool deck and a fitness center.
Located at 99 SW 7th Street, the 1.6-acre site sits adjacent to South Miami Avenue, just north of the Brickell City Center mixed-use development, facing the Miami River. Newgard bought the L-shaped parcel for $50.5 million in September, its first sale since 1987, per records.
Lofty’s groundbreaking is scheduled for the fourth quarter of this year, according to the developer’s spokesperson. The property still holds a two-story building that houses a dry-cleaning business.
In tandem with the site purchase, Newgard, led by Harvey Hernandez, nabbed a $55 million mortgage from 3650 REIT, which was upped by $5 million in March.
Now Newgard secured an additional $110 million, also from 3650 REIT, to bring the financing’s total to $170 million, according to mortgage documents.
Besides Lofty, Newgard, in partnership with the family office of Crescent Heights founder Russell Galbut, is developing Natiivo, a short-term rental building under construction in Downtown Miami, for which the Miami-based developers landed $214 million.
Earlier this week, Lalezarian Properties secured a $150 million construction loan for a residential tower in nearby Miami Worldcenter.
Julia Echikson can be reached at firstname.lastname@example.org.
Update: 3650 REIT provided the mortgage. A previous version of this article listed Grass River as the lender, which is the development arm of 3650 REIT.