Carlyle Leads $513M Construction Package for Big Miami Condo Development
Newgard and Two Roads secured what is one of South Florida’s biggest construction loans this year to build two towers with almost 750 units
By Julia Echikson October 1, 2025 7:39 pm
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Carlyle Group is leading a $513 million financing package for the construction of Newgard Group and Two Roads Development’s big condo tower project in Miami, Commercial Observer has learned.
The Washington, D.C.-based private equity giant provided about $310 million in senior financing, while affiliates of TCG Real Estate provided an additional $60 million, bringing the total senior debt to $370 million, according to sources with knowledge of the transaction and a press release from TCG. In tandem, 3650 Capital supplied a $143 million mezzanine loan.
The financing is one of South Florida’s biggest construction loans this year. Earlier this week, the Miami-based developers issued a press release but did not disclose the name of the main lender.
The development called One Brickell Riverfront will include two towers that will share a podium at 99 Southwest Seventh Street, facing the Miami River, west of the Brickell City Centre mixed-use development. Construction is more than halfway done, with both towers expected to be completed in August 2027.
The tallest tower will rise 46 stories with 422 condos, and be branded as the Standard Hotel. The other building, called Lofty Brickell, will rise 44 stories with 362 units. Avra Estiatorio, a high-end Greek restaurant originally from Manhattan, will open on the ground floor.
In 2022, Newgard, led by Harvey Hernandez, bought the L-shaped, 1.6-acre parcel for $50.5 million and later that year secured a $170 million construction loan for the Lofty high-rise, for which the units are sold furnished with no rental restrictions. The developer later sold off a portion of the site to Prosper Group.
As construction costs and interest rates ballooned, Newgard tapped Two Roads as a partner and launched sales for the second building in November 2024.
A spokesperson for Carlyle declined to comment. Representatives for One Brickell Riverfront did not immediately provide comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
