MIAMI, FL - Canyon Capital Realty Advisors LLC has provided a $27.7 million senior construction loan to an affiliate of the Newgard Development Group to refinance an existing land loan and to fund construction costs for the completion of BrickellHouse, a 46-story, ultra-modern luxury condominium tower located off of Brickell Avenue in Miami, Florida.
BrickellHouse has already sold nearly all of its 374 residential condominium units, and construction of the project is more than 50% complete. The project, which has the advantage of being one of the few remaining sites in the Brickell district with direct views of Biscayne Bay, is scheduled for completion in the summer of 2014.
“We are pleased to work with an experienced developer like Newgard and to have the opportunity to help deliver this top-tier residential project to the Miami market,” said Jonathan Roth, President of Canyon Realty. “This loan exemplifies Canyon Realty’s expertise in providing mid-construction loan facilities and closing on complicated transactions in short timeframes.”
“Canyon Realty has demonstrated a deep understanding of the Miami residential market and worked quickly to structure a loan that has enabled us to seamlessly move forward on the construction of BrickellHouse,” said Newgard Chairman Harvey Hernandez. “BrickellHouse is one of the first high-rise condominium projects to be built in Miami since the real estate downturn, and will be a landmark project for the Brickell corridor.”
Upon completion, the condominium tower will feature 374 condominium units ranging in size from studios and 1-, 2-, 3-bedroom units to 7,000-square-foot penthouses. Additionally, the project will include private balconies with bay, ocean and skyline views, as well as a 46th-floor rooftop pool deck, luxury health spa and fitness center.
The BrickellHouse transaction marks Canyon Realty’s eighth loan in Florida over the last 3 years, and its second transaction in the Brickell submarket. In 2011, Canyon Realty provided a $130 million senior construction loan to the owner of the office tower located at 600 Brickell, also known as Brickell World Plaza. Like BrickellHouse, Brickell World Plaza was also under construction when Canyon provided a senior construction loan for the project.