Newgard nabs $36M construction loan for Gale Residences Fort Lauderdale Beach

Project is 70 percent sold after launching sales in March 2015

Aug.August 03, 2016 12:45 PM

Harvery Hernandez’s Newgard Development Group just secured $35.6 million in construction financing for its Gale Residences Fort Lauderdale Beach condo project, two weeks ahead of its scheduled groundbreaking.

The developer announced Wednesday that it just closed on the loan with HALL Structured Finance, a private lender based in Dallas, Texas, that focuses its business on commercial real estate projects.

Aztec Group, a Miami commercial brokerage, arranged the financing.

Newgard began clearing its development site at 401 Bayshore Drive in April and is now planning a formal groundbreaking event on August 17. Plans for the $120 million project call for a 12-story residential building with 129 condos ranging from 800 square feet to 2,100 square feet.

Amenities include a lounge deck on the eighth floor, swimming pool, private theater and a gym.

Prices start in the $500,000s, and the project’s sales brokerage ONE Sotheby’s International Realty has brought in contracts for roughly 70 percent of the units since launching sales in March 2015, according to a release. The developer is also offering a rental program through its neighboring Gale Hotel for investors.

As previously reported by The Real Deal, Dev Motwani’s Merrimac Ventures is a partner on the project, and Menin Hospitality will manage the former Escape Hotel when it opens as the Gale.

Related Articles

Harvey Herndandez

Airbnb settles litigation with Miami development group alleging fraud

Russell Galbut and Harvey Hernandez, with Natiivo

Office condos planned at Russell Galbut and Harvey Hernandez’s Natiivo

Harvey Hernandez (Credit: Airbnb and iStock)

Harvey Hernandez fights back against Airbnb

Harvey Hernandez and Michael Patrizio

Newgard hires Terra exec as SVP of development

Brickell House and Harvey Hernandez

Brickell House condo association scores $41M over failed parking garage

Harvey Hernandez and BrickellHouse (Credit: Miami Residence, iStock)

Harvey Hernandez reaches settlement in BrickellHouse lawsuit

Placeholder image

Condo unit at Harvey Hernandez’s Brickell House sells for $5.5M

From left: Russell Galbut, Harvey Hernandez and a rendering of Natiivo

Downtown Miami Airbnb-branded hotel-condo project launches sales