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.
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