Developers for Lofty Brickell Acquire $170 Million Construction Loan

June 30, 2022

Newgard Development Group, the Miami-based real estate company led by Harvey Hernandez recently acquired a $170 million construction loan for Lofty Brickell.

Lofty Brickell is a 44-story apartment tower that is a component of a three-building and marina project proposed by the Coconut Grove-based 3650 REIT. The 1.6-acre construction site located at 99 Southwest Seventh Street on the Miami River.

According to the press release, Lofty Brickell will contain a private marina, a members-only social club, and an NFT art collection for unit owners.

Similar to its sister tower, NATIIVO (which sold out less in less than a year) Lofty will feature 380 units of fully finished and furnished interiors that will be available for rent nightly, daily, and/or monthly. Residents will have the option of self-managing their units (VRBO or Airbnb) or using Lofty’s onsite management. 

Rising 44 stories, Lofty will feature studio, 1, and 2 bedroom floor plans with 485 to 930 square feet options. Pricing starts at $493k for a studio. There will also be available penthouses but the information hasn’t been released as of now.

Designed by internationally acclaimed, Arquitectonica, interiors will be designed by a New York-based interior design company INC New York. Developer Harvey Hernandez is also responsible for Brickell House and Centro towers. Hernandez purchased Lofty lot for $50 million

Lofty will feature a number of wonderful amenities including a butler service, rooftop pool, car service, and a 5-star restaurant that hasn’t been disclosed. This tower will also include a private marina with available docks for boating.

Building Amenities

• Exotic resort pool with pool-side cabanas
• Bar and grill on pool deck 24/7
• Co-working lounge Private meeting rooms
• Event room with exclusive terrace
• A fully-equipped, state-of-the-art fitness center with HD TVs and wireless audio Private Peloton studios Yoga lounge and terrace
• LOFTY Rooftop Experience

Residence Features

• Urban luxury residences with modern open layouts from 485SF—930SF Studio, one and two-bedroom units
• All residences are delivered fully finished and furnished specially curated by INC
• Panoramic Miami River, and Miami skyline views
• Private balconies for every residence
• Corner units offer wrap-around balconies
• High ceilings ranging from 9’ to 11’
• Owner closets in every residence
• Floor-to-ceiling sliding glass doors and sound attenuating impact-resistant laminated glass throughout
• Advanced technology Smart Building wiring for HD TV,
• Multiple telephone /data lines and ultra-high-speed internet access
• Individually controlled energy-efficient central air conditioning and heating system

Kitchen

• Imported European cabinets with premium hardware and drawer pulls
• Top of the line appliance package including stainless steel refrigerator, oven, cook-top, microwave, dishwasher and sink disposal
• Elegant imported stone countertops and backsplashes
• Contemporary stainless steel under-mounted sink
• High-arc gourmet faucet with integral sprayer

Master Bathroom

• Imported European cabinets with premium hardware and drawer pulls
• Elegant imported stone countertops and backsplashes
• Custom-finished floors and walls in wet areas
• Frameless glass shower enclosures Spacious, extra-depth soaking tubs
• Premium European-style fixtures and accessories

Eighty percent of the tower’s units are under contract and Newgard anticipates starting construction in the fourth quarter of this year. When Newgard paid $50.5 million for the Brickell-area property in September, 3650 REIT also gave the developer a $55 million acquisition loan. The new construction loan was obtained by Lotus Capital Partners under the direction of Faisal Ashraf.

If you or someone you know have an interest in purchasing at Lofty Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.