Lofty Brickell, a 44-story luxury real estate development in Miami, is nearly 80% under contract as developer Newgard Development Group has secured a $170 million loan from Miami lender 3650 REIT.
With groundbreaking set to commence in Q4, the approval of the loan is a sign of Miami’s real estate market establishing itself as a national incubator for new residential models, with short-term-rental-powered condos quickly becoming the most in-demand product available. That’s according to Harvey Hernandez, founder and CEO of Newgard Development Group.
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