Two Roads Development and Newgard Group Secure $513M Loan for One Brickell Riverfront Project in Miami

Two Roads Development and Newgard Group, two prominent developers in the Miami area, have successfully secured a $513 million loan for their One Brickell Riverfront project. The project, which is currently under construction, will consist of two towers - the 44-story, 362-unit Lofty Brickell tower and the 46-story, 422-unit Standard Residences tower - sharing a podium. The financing package includes a $370 million senior loan from an undisclosed lender and a $143 million mezzanine loan from 3650 Capital.

The project, located at 99 Southwest Seventh Street in Miami, has received significant attention due to its prime location and luxurious features. However, the spokesperson for the developers declined to reveal the identity of the senior lender. This has sparked speculation and raised questions about the source of the funding for the project.

According to the press release, Newgard has already financed the construction of the two-tower project with a $170 million loan. The recent $513 million loan brings the total financing for the project to a whopping $683 million.

While the developers and their spokesperson have remained tight-lipped about the senior lender, it is worth noting that this is not the first time Newgard has received significant funding from undisclosed sources. In 2019, the company received a $450 million construction loan for their Natiivo Miami project, also without disclosing the lender's name.

The lack of transparency in the financing of this project raises questions about the influence and power of wealthy developers in the Miami real estate market. With millions of dollars at their disposal, it seems that they can easily secure