Newgard Group and Two Roads Development have successfully secured a substantial $513 million in construction financing for their ambitious mixed-use condominium project, One Brickell Riverfront, located along the Miami River in the vibrant Brickell Financial District.
This financing package is one of the largest residential construction loans in South Florida for the year, comprising $370 million in senior financing from an undisclosed private lender, in addition to a $143 million mezzanine loan provided by 3650 Capital.
Situated at 99 Southwest Seventh Street, adjacent to Brickell City Centre, One Brickell Riverfront is designed as a master-planned development featuring two distinctive condominium towers—LOFTY Brickell and The Standard Residences, Brickell—rising from a shared podium.
The project has been designed by Arquitectonica, with LOFTY Brickell set to stand 44 stories tall, featuring 362 residences, while The Standard Residences, Brickell is poised to rise 46 stories with a total of 422 residences.
G.T. McDonald is serving as the general contractor for this ambitious construction project.
As of now, construction is over halfway complete, and both towers are anticipated to deliver earlier than the previously scheduled August 2027 completion date.
Harvey Hernandez, CEO of Newgard Group, expressed enthusiasm regarding the financing, emphasizing its validation of the project’s vision.
“This financing reinforces the market’s confidence in the strength of our vision for One Brickell Riverfront,” said Hernandez.
“Together with Two Roads, we are creating a destination that combines world-class design, unmatched amenities, and the flexibility today’s buyers demand.”
He added that 3650 Capital has played a critical role in the project’s success, having provided support since the initial property acquisition.
“We are thrilled to continue to grow our relationship with the firm, who has helped finance several of our new condominium developments in the past,” Hernandez remarked.
Taylor Collins, Managing Partner of Two Roads Development, echoed these sentiments, highlighting Brickell’s status as a dynamic urban neighborhood and the importance of the financing milestone.
“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,” Collins stated.
He noted that the securing of this loan is a significant step forward as they work towards topping off the towers early next year.
The partnership formed between Newgard and Two Roads in November 2024 aims to transform one of Brickell’s last undeveloped riverfront parcels into an attractive mixed-use destination.
Jonathan Roth, Co-Founder and Managing Partner of 3650 Capital, expressed his confidence in the project’s potential.
“One Brickell Riverfront is poised to bring highly desirable luxury condominiums with two distinct concepts to Miami’s financial district,” Roth said, asserting that the closing of the transaction reflects 3650’s expert market knowledge and ability to support borrowers effectively throughout the project lifecycle.
Both LOFTY Brickell and The Standard Residences, Brickell are designed with lifestyle in mind.
LOFTY Brickell will feature studios and one- and two-bedroom residences, complete with penthouses furnished by INC.
This tower will include over 40,000 square feet of amenities, such as a private marina, resort-style pool deck, fitness center, spa, cigar lounge, and co-working spaces.
AVRA Estiatorio, a renowned New York City-based restaurant, is slated to occupy the ground floor, providing a coastal Greek dining experience with views of the river.
A limited number of penthouses in LOFTY Brickell are still on the market, priced between $2.4 million and $3.5 million.
The flexible ownership model of LOFTY Brickell, which allows owners to rent out their residences on their own terms, has greatly enhanced its appeal among buyers seeking a high-end, turnkey lifestyle in Miami’s urban core.
Meanwhile, The Standard Residences, Brickell will feature a variety of studio, one-, and two-bedroom layouts, starting in the mid-$600,000s.
Amenities within The Standard include a rooftop pool with beverage and towel service, co-working spaces, a 10th-floor spa featuring Hammam, saunas, and a cold plunge, as well as a fitness facility, bowling alley, pet spa, and screening room.
Signature dining options will be available on the ninth floor, along with a riverfront restaurant at street level.
Sales for residences are being managed by ONE Sotheby’s International Realty.
image source from：floridayimby
