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Deals & Dealmakers

AT $170MM LOTUS ARRANGES ONE OF THE LARGEST PREDEVELOPMENT FINANCINGS EVER RECORDED IN FLORIDA

Lotus Capital Partners, LLC (“Lotus”), a boutique real estate capital advisory firm, announced today that it has successfully arranged and structured a $170 million recapitalization and predevelopment financing package for Newgard Development Group “Newgard” on one of the largest waterfront development
sites in Brickell, Miami, the fastest growing downtown in the United States.

The prime waterfront site consists of 1.62 acres within the heart of Brickell with over 400 feet of frontage along the Miami River. Upon completion, the project will consist of three main components: (i) a 362-unit, Lofty-branded residential condominium tower, which is largely under contract; (ii) a 422-unit multifamily tower; and, (iii) a soon-to-be announced international five-star branded residence building.

The financing package, funded by 3650 REIT, is unique in that it combines structural features of both an acquisition and a construction loan. Unlike traditional acquisition loans, which finance the acquisition of the land and fund some nominal soft costs, this financing package is designed to capitalize sales broker commissions, marketing, and nearly half of all anticipated soft costs for the overall development.

“We are very happy to have worked with Harvey for a second time. The project represents one of the most exciting mixed-use developments in the City of Miami and we have been believers in his vision since he found the site,” said Lotus Managing Partner, Faisal Ashraf.

“The folks at Lotus were instrumental on structuring this finance facility, looking forward to continuing collaborating with them,” said Newgard Development Group Founder and CEO, Harvey Hernandez.

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