Newgard Development Group Locks Down $170 Million Construction Loan For LOFTY Brickell Home-Sharing Tower

Newgard Development Group has locked down a $170 million loan from 3650 REIT for its newest residential property, LOFTY Brickell. The closing follows an impressive sales launch, with 80% of the tower’s inventory under contract and groundbreaking set to commence Q4. This is the second loan from 3650 REIT for LOFTY - the first being last fall tied to the land acquisition. Cervera Real Estate is the exclusive sales and marketing for the tower.

“LOFTY is the most elevated offering in short-term rental ownership,” says Developer Harvey Hernandez. “Coupled with its waterfront location and next-level amenities, we’ve assembled a dream team of collaborations with artists and designers for limited-edition experiences and lifestyles for global buyers.”

“3650’s strategy of financing well-located multifamily properties with sophisticated sponsors who employ highly targeted, value-add business plans at unique locations dovetails well with the LOFTY project,” says 3650 REIT Co-Founder and Managing Partner Jonathan Roth. “We believe that the property’s unique business plan to accommodate short-term rental ownership will make it a ‘change winner’ in the post-pandemic South Florida market as more residents seek flexibility and convenience in their living arrangements, and we expect to see sustained long-term demand for these types of units. LOFTY’s prime location adjacent to Brickell City Centre and walkability score of 100 will also provide residents with convenient proximity to best-in-class retail, dining, office and hotel options. It was a pleasure to work with the Newgard team once more, resulting in a smooth transaction despite a difficult market environment. We look forward to working with the Newgard team to execute this exciting opportunity which will transform the Miami skyline.”

LOFTY will deliver fully finished and furnished turn-key residences purposefully designed and licensed to be shared. The 44-story tower features studio, one- and two-bedroom units alongside 40,000 square feet of thoughtfully curated amenities, including a private marina, waterfront dining, members-only social club, resort pool deck and fitness center, indoor/outdoor cigar lounge, coworking lounge and meeting rooms. Interiors are designed by NY-based INC, architecture by Arquitectonica, and landscaping by Urban Robot Associates.

The tower features the first-ever NFT art collective designed for condo owners, integrating digital art into the DNA of the new residential building, while transferring ownership of a custom NFT to each unit owner. In addition to the art collective, which launched with renowned Miami-based artist Carlos Betancourt, a group of branded residences known as LOFTY PH Collection recently unveiled in partnership with Artefacto, a global furnishings brand, and INC, the multi-disciplinary NYC studio responsible for the project’s interiors.

For more information about LOFTY Brickell, private showings or purchasing/ leasing information please fill out the form below:

Two Roads Development Locks Down $150 Million In Funding From Lionheart Strategic Management and Bank OZK For Edgewater Condo Buyout

The South Florida-based Two Roads Development, led by Taylor Collins and Reid Boren, have locked down $150 million in funding for a waterfront condo buyout in Miami’s Edgewater neighborhood. Lionheart Strategic Management LLC (Lionheart), an SEC-registered investment advisor that was formed in 2017 as the asset management affiliate of Fisher Brothers, will be providing a $45 million mezzanine loan, backed by a $105 million senior mortgage loan from Bank OZK. The financing will be used to fund the acquisition of an existing condominium in the Edgewater neighborhood of Miami in preparation for the future development of an ultra-luxury branded residential development on the property.

"This closing signifies our bullish investment thesis in South Florida development and the Miami market in particular," said Andy Klein, Managing Director and Co-Head of Investments at Lionheart Strategic Management. "We are continuously seeking high-quality investment opportunities in growth markets, and this property's irreplaceable waterfront views and proximity to Brickell, Downtown Miami, Wynwood, the Design District and Miami Beach present an undeniably attractive value proposition for future redevelopment. We are excited to partner with Bank OZK and Two Roads Development on this endeavor and look forward to all this project will bring to the area."

As waterfront property and development sites become scarce due to high demand in the Miami market, developers have shifted their sight to buying out older condominium buildings to demolish and develop. Two Roads Development plans to redevelop the 3.5-acre waterfront site of Biscayne 21, an existing 191-unit condo building located at 2121 N. Bayshore Drive in the Edgewater neighborhood of downtown Miami, into an ultra-luxury branded residential development. The project will be designed by Arquitectonica.

"Over the last decade, Two Roads Development has helped put Miami's Edgewater district on the map as one of the City's most in-demand residential neighborhoods with successful luxury condominium developments including Biscayne Beach and Elysee. Plans for our newest development, which will feature a signature architectural design by Bernardo Fort-Brescia of Arquitectonica, include a mix of ultra-luxe condominiums and signature branded residences that will elevate Edgewater's global appeal as Miami's premier enclave for luxury high-rise living," said developer Taylor Collins, managing partner of Two Roads Development. "We are pleased to partner with Lionheart and Bank OZK on this exciting new development."

Andy Klein, Robert Kamenec, and Benjamin Eshiwani led the transaction for Lionheart Strategic Management. Avison Young’s Florida Capital Markets Group led by John K. Crotty, Michael T. Fay, David Duckworth and Brian C. de la Fé negotiated the sale on behalf the Biscayne 21 unit owners.

Aztec Group Delivers $102 Million In Construction Financing For 352 Unit RIVR Lofts In Fort Lauderdale

Aztec Group, Florida’s leading real estate investment and merchant banking firm for over 40 years, announces that Peter Mekras has arranged $102,000,000 in construction financing for RIVR (River) Lofts in Ft. Lauderdale, Florida.

RIVR Lofts features a desirable location in Fort Lauderdale’s Central Business District in the emerging Tarpon River Entertainment & Design District (TREDD) south of New River. RIVR Lofts is a to-be-built mixed-use, luxury, high-rise rental apartment community with 352 residential units. The project will span across 29 stories and feature a rooftop pool and amenities, 2,700 square feet of ground floor retail, onsite parking, and a resident lounge and bar on the ground floor. The Property is ideally located at the corner of SW 5th Street and SW 3rd Avenue within walking distance to Publix, Wells Coffee, and Tarpon River Brewing.

RIVR Lofts development team is led by Doron Broman of Moderno Development Group. Broman assembled the 1-acre site in 2018 and obtained entitlements for RIVR Lofts in 2021. Moderno engaged Aztec Group on an exclusive basis to structure a venture and source construction financing for the project. Moderno is no stranger to the market as it has assembled and repositioned several development properties in the area and continue to control several acres of land in the area for future vertical development. The construction loan was sourced from Square Mile Capital. The RIVR Lofts project team includes Moss Construction and Robert Mathias of NCC Development. The project is designed by Cube 3 Architecture.

“RIVR Lofts will serve as the residential heartbeat of TREDD and this funding continues our efforts to bring vertical development to the area,” says Doron Broman, Manager Partner of Moderno Development. “Moderno Development is at the center of Tarpon River’s revitalization. We started by converting industrial buildings to retail and now we are laying the foundation for a true residential experience with the construction of RIVR Lofts.”

“Sourcing a construction loan for a high-rise is never a simple task. Closing a loan of this magnitude in the current market environment is a testament to the merit of RIVR Lofts and the sponsorship, the lender, and our investment banking process” said Aztec Group’s Peter Mekras.

West Palm Beach Condo Development Alba Palm Beach Locks Down $82 Million Construction Loan

Private real estate lender Trez Capital funded an $82 million loan to build Alba Palm Beach, a luxurious waterfront condominium project that will soon rise in West Palm Beach, Florida. The new development is located directly on the west bank of the Intracoastal Waterway in the emerging Northwood neighborhood. Alba will rise 22-stories and offers 55 luxury residences and four townhomes. Since launching sales in February 2022, more than 30% of the project has been reserved. Prices start at $2.5 million. With the loan in place, an official groundbreaking is expected this fall with a project delivery in 2025.

Trez Capital Managing Director Ben Jacobson originated the loan on behalf of the lead developer Kenneth Baboun. Jacobson is based in Trez Capital’s Palm Beach, Florida office led by Executive Managing Director, Eastern U.S. Brett Forman. BGI Capital structured the loan.

“Alba Palm Beach fills a glaring need for high-end residential product in a rapidly growing area of West Palm Beach,” said Jacobson. “We are excited to complete our first transaction with a sophisticated developer that will bring luxurious waterfront living to the city’s Northwood neighborhood.”

“We are so pleased to announce the securing of financing for Alba Palm Beach, especially with the great market response and sales success we have seen in such a short time since launching sales,” Baboun said.

“Working with the team from Trez Capital was a transparent and seamless experience and we are thrilled to have accomplished this milestone for Alba Palm Beach,” said Robert Barthelmess, Managing Partner of BGI Capital.

The spacious two-, three-, and four- bedroom residences range in size from 1,745 to 4,500-plus square feet. Each has oversized glass-framed terraces with summer kitchens and panoramic views, floor-to-ceiling hurricane impact glass windows, upscale appliances and designer fixtures.

Amenities include a private dock with boat slips for residents only, two pools, dedicated grill and lounge areas, state-of-the-art fitness studio, private elevators, virtual conference spaces, theater and multi-sport simulator rooms.

Alba Palm Beach is located at 4714 North Flagler Dr., just minutes away from world-class beaches, the famed Worth Avenue shopping district, upscale dining options and cultural activities.

“West Palm Beach has been a focal point of the substantial corporate migration to South Florida over the past few years,” said Forman. “That is creating intense demand for luxury residences in the city. Alba Palm Beach is poised to generate significant activity from both new-to-market and local buyers.”

For more information about Alba Palm Beach, private showings or purchasing/ leasing information please fill out the form below:

Eyzenberg & Co. Structures $73.35 Million Construction Loan For Downtown St. Petersburg Condo Development

Eyzenberg & Company has arranged a stretch-senior construction loan to finance the development of Reflections Condominiums, a 17-story condominium tower on Mirror Lake in St. Petersburg, Florida. The New York-headquartered commercial real estate investment banking firm was retained in 2021 as the exclusive financial advisor for the development of the 326,468 square foot building.

Situated at the Edge District of St Petersburg, Reflections is surrounded by new restaurants, boutique shopping, as well as award winning galleries and museums. With nationwide interest of homebuyers flowing into the greater Tampa and St. Petersburg markets of Florida, the developer was well positioned to deliver a product in extremely high demand. In the months leading up to loan closing the developer pre-sold over 55% of the building’s available units.

“Our firm and team members have a long history of representing developers in the South Florida community, one of the many reasons we established a local office in Miami in 2019” Said David Eyzenberg, President of Eyzenberg & Company.

The tower features open floor plan options ranging from 1,168 to nearly 2,285 square feet of interior living space. Reflections’ residents are provided private access to the tower’s 12,000 square foot rooftop featuring a glass façade, air-conditioned fitness center and social club, a tropical pool and spa terrace, outdoor kitchen and wet bar, and unparalleled panoramic views of Mirror Lake, Downtown St. Petersburg, and Tampa Bay.

The Eyzenberg deal team included Robert Ginsberg, Aaron Stelzer, Alex Anderson and Elena Burgos. After exploring the equity and structured capital markets to fill the existing gap in the capital stack, Eyzenberg arranged a construction loan from a debt fund that provided stretch-senior construction financing that allowed both existing sales deposits as well as future sales deposits to be treated as a source of capital that filled the entire capital stack. “This particular transaction underscores the need for sophisticated structuring capabilities vs introduction services in complicated scenarios” said Robert Ginsberg, managing director of Eyzenberg & Company

With economic headwinds facing the construction industry from inflation, the lingering effects of Covid-19, and geo-political pressures in Europe, Eyzenberg was able to work with both the lender and borrower to bridge cost overruns and a steepening yield curve and shepherd the transaction to a successful close.

The project is anticipated to reach completion and deliver the final units in April of 2024.

Apollo Bank Reaches $1 Billion in Assets Following Banner Growth Year In 2021

South Florida-based leading community bank Apollo Bank has hit $1 billion in assets amidst the bank’s strongest growth year to-date. In the past ten years the bank has grown from $100 million to $1 billion. Apollo Bank focused on investing in technology and talent, including the addition of a new president and grew its residential lending division with the aim of supporting commercial clients. The bank’s steady growth over the past decade is reflective of Miami’s rise over the same period as a hub for business, investment, lifestyle, and arts and culture, which has fueled the region to lead the nation in a strong pandemic recovery led by significant wealth and business migration.

Apollo Bank is now the region’s leading community bank with five branches across Miami-Dade County’s key business sectors, including Brickell, Coral Gables, Doral, Kendall, and Hialeah. This growth has been despite the number of community banks in South Florida decreasing by more than half over the past decade as a result of acquisitions from larger financial institutions.

To start off 2021 Apollo Bank appointed Ramon Rodriguez as bank president, a well-respected leader and longtime banking executive. At the same time, the bank also announced significant investments in enhancing digital capabilities and recruiting top talent to ensure long-term growth while continuing to offer best-in-class service. As South Florida has experienced an expansion of its business landscape fueled by financial firms, investors and the tech industry all cementing roots in the region, Apollo Bank also grew its residential lending division aimed at supporting existing and potential commercial clients, new-to-market business owners and investors.

“Before the pandemic, Apollo Bank was already adding new technologies to its suite of services, including advances in mobile banking to match the bank’s elevated level of personalized and convenient service,” said Eddy Arriola, Chairman and CEO of Apollo Bank. “Like many other trends, the pandemic further accelerated the banking industry’s digital needs, resulting in the bank embarking on a digital revolution including the introduction of a new app, enhanced mobile banking, an optimized website and digitized internal systems to streamline internal communication.”

“As our economy diversifies, it created an opportunity for the bank to augment and invest in our residential lending team, which is providing financing to local, national, and international high net worth individuals,” said Ramon Rodriguez, President of Apollo Bank.

When Apollo Bank first launched in 2010, the $100 million institution had one branch in Brickell, Miami’s Financial District, and was founded by local businesspeople to serve South Florida’s business community, with an emphasis on forging long-term relationships with clients through exceptional service. While Miami was just starting to recover from a nationwide recession, the founder of Apollo Bank believed the current economic climate coupled with consolidation in the banking sector, made it an opportune time to launch a community bank.

“Back in 2008, in the height of the recession, I spoke with several industry veterans about opening a community bank focused on commercial clients. Everyone thought I was crazy,” Mr. Arriola added. “Now 10 years after launching Apollo Bank, I am proud of the organization we’ve built, how we’ve supported our community through the most uncertain times, including the pandemic, and how together, we have helped Miami transform into one of the financial and business capitals of the world.”