Newgard, Two Roads Land $513M for Miami Condo Project
It's one of the largest residential construction loans in the South Florida market this year.
In one of the largest residential construction financing deals in South Florida this year so far, Newgard Group and Two Roads Development have secured $513 million for One Brickell Riverfront, a condominium project in Miami.
A private lender issued $370 million in senior financing, while 3650 Capital provided a $143 million mezzanine loan.
The Arquitectonica-designed development is already underway, with completion slated for August 2027. G.T. McDonald serves as general contractor.
One Brickell Riverfront consists of two condo towers rising atop a shared podium. Upon delivery, LOFTY Brickell and The Standard Residences Brickell will stand 44 and 46 stories, respectively, and encompass a total of 784 residences with studio, one- and two-bedroom floorplans.
LOFTY Brickell comprises 40,000 square feet of amenities, including a swimming pool, coworking spaces and a private marina, among others. Sale prices range from $2.4 million to $3.5 million.
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The Standard Residences Brickell features such amenities as a rooftop pool, saunas, a gym, a bowling alley and a spa, to name a few. Prices start in the mid $600,000.
Carrying the address 99 SW Seventh St., the development is next to the 5.4 million-square-foot Brickell City Centre mixed-use property. The location is also less than a mile from another condo project: Mast Capital’s Cipriani Residences Miami, with its 397 units, is slated for delivery in 2027.
Condo sales go up as prices stagnate
Greater Miami condo sales were up across the board in August, according to a report by Miami Realtors. In the $1 million and up category, acquisitions were up 10.8 percent year-over-year, while the $5 million and higher segment witnessed a growth of 11.8 percent.
Condo prices also doubled over the past decade, the same source shows. However, the acceleration slowed as median prices declined 1.2 percent compared to last August. That is a rare occurrence as the price has increased or stayed the same across 161 of the last 171 months covered by Miami Realtors.
