Newgard nabs financing for Gale Fort Lauderdale hotel

Condo component is expected to open this quarter

TRD MIAMI /
Jan.January 03, 2018 04:11 PM

Rendering of Gale Boutique Hotel and Newgard Development Group CEO Harvey Hernandez (Credit: Newgard Development Group)

Harvery Hernandez’s Newgard Development Group just secured a $19.15 million construction loan for phase two of its Gale Fort Lauderdale project.

Dallas, Texas-based Hall Structured Finance is the lender and Aztec Group arranged the financing, according to a press release. The commercial lender also provided the $35.6 million construction loan for phase one, a 12-story, 129-unit condo tower, in 2016.

Newgard plans to gut the two-story Escape Hotel at 2900 Riomar Street and redevelop it into the 96-room Gale Boutique Hotel. Amenities will include a restaurant and bar, fitness center, rooftop cabana bar with outdoor dining, a pool and lounge.

Dev Motwani’s Merrimac Ventures is a partner on the project. Menin Hospitality will manage the hotel.

The Escape, developed by the late hotelier George Gill, was the first hotel on the island with a pool when it opened in 1949, according to the release. It’s one block east of the Intracoastal Waterway and west of the beach.

The Gale’s condo component, which sold out in August, is expected to open in the first quarter of this year. – Amanda Rabines


Related Articles

arrow_forward_ios
From left: Tim Elmes of Compass, Barry Minoff and 1831 Southeast 9th Street

Pharmaceutical mogul sells Fort Lauderdale estate for $21M

Dev Motwani, Johnny Allison, and 2401 West Broward Boulevard (Credit: Google Maps)

Dev Motwani nabs loan for Fort Lauderdale project

Bob Gordon with 2401 Solar Plaza Drive (Credit: Redfin)

Political power couple sells Fort Lauderdale home

Kevin R. Kreutzfeld of Premier Estate Properties and 1408 West Lake Drive

Waterfront home in Fort Lauderdale’s Harbor Beach sells for $11M

22 Isla Bahia Drive and Steven Romaniello

Harbor Beach home sells for $8 million

Niki Higgins of Douglas Elliman and 220 North Compass Drive (Credit: Douglas Elliman and Trulia)

Fort Lauderdale mansion with stock trading room sells for $12M

Renderings of the penthouse and Fredrik Eklund (Credit: Four Seasons Private Residences Fort Lauderdale)

Fredrik Eklund tapped to list $35M PH in Fort Lauderdale

Alan Hooper and 516 Northwest 1st Avenue (Credit: Google Maps)

FATVillage developer buys missing piece for mixed-use project

arrow_forward_ios
Loading...