Newgard Group and Two Roads Development have successfully secured $513 million in construction financing for their ambitious One Brickell Riverfront project in Miami. This significant financial backing, one of the largest residential construction loans in South Florida this year, will fuel the development of two luxury condominium towers, LOFTY Brickell and The Standard Residences, Brickell, situated in Miami’s bustling financial district.
Key Takeaways
- A substantial $513 million in construction financing has been secured for the One Brickell Riverfront project.
- The development comprises two high-rise condominium towers: LOFTY Brickell and The Standard Residences, Brickell.
- Construction is progressing ahead of schedule, with both towers expected to be completed before their August 2027 target.
- The project is strategically located at 99 SW Seventh St., adjacent to Brickell City Centre.
Project Financing Details
The substantial financing package includes $370 million in senior financing provided by an undisclosed private lender, complemented by a $143 million mezzanine loan originated by 3650 Capital. This financial infusion underscores strong market confidence in the project’s vision and execution.
Development Overview
One Brickell Riverfront is a master-planned development featuring two distinct condominium towers rising from a shared podium. LOFTY Brickell will stand 44 stories tall with 362 residences, while The Standard Residences, Brickell will reach 46 stories and house 422 residences. Designed by Arquitectonica, the project aims to offer world-class design and amenities.
Construction Progress and Delivery
Construction is reportedly more than halfway complete, with developers anticipating delivery of both towers several months ahead of their scheduled August 2027 completion date. G.T. McDonald is serving as the general contractor for the project.
Developer Statements
Harvey Hernandez, CEO of Newgard Group, expressed confidence in the project, stating, "This financing reinforces the market’s confidence in the strength of our vision for One Brickell Riverfront." Taylor Collins, Managing Partner of Two Roads Development, added, "Brickell is one of the most dynamic urban neighborhoods in the country, and this project reflects our shared commitment to delivering best-in-class residential experiences."
Amenities and Offerings
LOFTY Brickell will feature studios, one- and two-bedroom residences, and penthouses furnished by INC. Its extensive amenities include a private marina, resort-style pool deck, fitness center, spa, cigar lounge, and co-working spaces. The ground floor will host AVRA Estiatorio, a renowned New York City restaurant. The Standard Residences, Brickell, designed with interiors by GOOD.RICH, will offer studios, one- and two-bedroom homes, with amenities such as a rooftop pool, The Standard Club Lounge and Café, co-working spaces, a spa, fitness center, bowling alley, and a riverfront restaurant.
Market Appeal
LOFTY Brickell has seen strong interest, with penthouse residences ranging from $2.4 to $3.5 million. The flexible ownership model, allowing owners to rent out their units on their own terms, is a significant draw. The Standard Residences, Brickell, offers homes starting in the mid-$600s, appealing to a broad range of buyers seeking luxury urban living.