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South Florida

Newgard gets $28M mortgage on BrickellHouse project

BrickellHouse rendering and Newgard's Harvey Hernandez
BrickellHouse rendering and Newgard's Harvey Hernandez

Newgard Development Group secured a $27.7 million mortgage on the BrickellHouse condominium project from an affiliate of Los Angeles-based Canyon Capital Realty Advisors.

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The 46-story, 374-unit building at 1300 Brickell Bay Drive is halfway through the construction process. Nearly all of the units have been sold.

Last month, the developer resolved a foreclosure lawsuit by paying $17 million and attorney fees to lienholder JBG Development, as previously reported. [South Florida Business Journal] — Mark Maurer

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