Lotus Capital Arranges $170M Predev Package for Miami Residential Project
Lotus Capital Partners, LLC, has arranged and structured a $170-million recapitalization and predevelopment financing package for Newgard Development Group on a waterfront development site Miami’s Brickell neighborhood.
The site consists of 1.62 acres with over 400 feet of frontage along the Miami River. Upon completion, the project will consist of three a 362-unit, Lofty-branded residential condominium tower, which is largely under contract; a 422-unit multifamily tower and a to-be-announced announced branded residence building.
According to Lotus Capital Partners, the 3650-funded financing package combines structural features of both an acquisition and a construction loan and is designed to capitalize sales broker commissions, marketing and nearly half of all anticipated soft costs for the overall development.
