Newgard Development Group and Two Roads Development Group closed on $513 million in construction financing for their One Brickell Riverfront project site at 99 S.W. Seventh St.
Carlyle and 3650 Capital have led a group of lenders that provided loans for what is believed to be a $1.5 billion project.
The South Florida Business Journal reports that it is one of the largest construction loans to close in South Florida so far this year.
The One Brickell Riverfront development, near Brickell City Centre, comprises two high-rise condominium towers on a shared podium. Lofty Brickell, at 44 stories, would have 362 residences, while the 46-story Standard Residences, Brickell would include 422 residences.
Amenities in the development would include a private marina, resort-style pool deck, fitness centers, spas, a cigar lounge, co-working spaces, a bowling alley, and a lounge.
Miami-based Arquitectonica designed the project, while GT McDonald Enterprises is the general contractor. The targeted completion date is August 2027.
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