Newgard nabs $36M construction loan for Gale Residences Fort Lauderdale Beach Project is 70 percent sold
August 6, 2016
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 pool, 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.