As construction remains underway for residential project, One Brickell Riverfront in Miami, Newgard Group and Two Roads Development have landed $513 million in financing. It breaks down to a $143 million mezzanine loan from 3650 Capital, while an unnamed private creditor provided $370 million in senior debt.
One Brickell consists of two towers: LOFTY Brickell and The Standard Residences, standing 44 and 46 stories respectively. Both will combine for 784 residences.
LOFTY will have units ranging from studios to two bedrooms, as well as penthouses. According to Newgard and Two Roads, residents will have flexibility with ownership, allowing them to rent out their own units. Also, the property will include 40,000 square feet of amenities such as coworking spaces, a fitness center, a cigar lounge, a pool deck, a private marina and a ground-floor restaurant, AVRA Estiatorio.
The Standard will offer 422 homes, ranging from studios to two bedrooms. Amenities include a rooftop pool, coworking spaces, a spa, a fitness center, a bowling alley, a club lounge, dining options, a pet spa, saunas and a screening room.
“The successful closing of this transaction speaks to 3650’s local market expertise, special servicing function and ability to help our borrowers from site assemblage through construction and sellout—core tenets of our capabilities that enable us to generate strong investor returns," Jonathan Roth, co-founder and managing partner of 3650 Capital, said in a statement.
"The sponsors have robust track records of developing high-end residential projects, and we’re pleased to have helped them navigate the complexities of the project, which we believe is situated in one of the most attractive locations in all of Florida.”
To add to Roth's point, Taylor Collins, managing partner of Two Roads, referred to Brickell as "one of the most dynamic urban neighborhoods in the country."
According to the two developers, construction at the One Brickell is over 50 percent complete. They expect the project to fully deliver months before the initial August 2027 projected finish.
Miami, overall, has been a volatile apartment market since the pandemic, a recent RealPage analysis showed. However, in May, the Magic City commanded a 95.9 percent occupancy rate — the only South Florida market with an occupancy rate higher than the national average, at the time. Additionally, it was the only South Florida market to post rent growth, gaining 1.2 percent for the 12 months ending May.
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