AT $170 MILLION, LOTUS ARRANGES ONE OF FLORIDA’S LARGEST PRE-DEVELOPMENT FINANCING EVER

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

The prime waterfront site consists of 1.62 acres in the heart of Brickell with over 400 feet of frontage along the Miami River. When complete, 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 multi-family tower; and, (iii) a soon-to-be-announced five-star international branded residence building.

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

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

“The folks at Lotus have been instrumental in structuring this financing facility, looking forward to continuing to work with them,” said Newgard Development Group Founder and CEO Harvey Hernandez.

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