The developer of the Gale Residences Fort Lauderdale Beach obtained a $35.6 million construction loan four months after starting work on the site.
Dallas-based Hall Structured Finance awarded the mortgage to Tiffany House, a joint venture between Newgard Development and Merrimac Ventures. Miami-based Aztec Group secured the financing for the developer.
Demolition started on the 1.24-acre site at 2900 Riomar Street in April and the official groundbreaking will take place Aug. 17.
The Gale Residences will have 129 units in 12 stories. The neighboring hotel, formerly known as the Escape Hotel, will be renovated and rebranded as the Gale.
“We’re grateful to have partners that recognize the Gale Residences is a one-of-a-kind project in a Fort Lauderdale Beach area that is becoming a premier residential and hospitality destination along Florida’s coast,” Newgard Chairman and CEO Harvey Hernandez said.
Units in the Gale Residences will range from 800 to 2,100 square feet. Prices start in the $500,000s. The developer said it’s 70 percent pre-sold.
“We were immediately attracted to The Gale Residences opportunity based on the high quality of the project and its excellent location one block from the beach overlooking the Intracoastal Waterway in Fort Lauderdale,” said Mike Jaynes, president of Hall Structured Finance. “This property will offer all of the advantages of a luxury condominium tower at a favorable price point, and we believe it will be very successful in the South Florida market.”
The condo was designed by Garcia Stromberg with Urban Robot Associates as the interior designer. The general contractor on the project is GT McDonald Enterprises. The broker is One Sotheby’s International Realty.
“The Gale’s prime location adjacent to Fort Lauderdale Beach, strong sales volume, project amenities, unique design and strong ownership proved very valuable for the lender,” said Aztec Group Director, Charles Penan. “This marks the first of several transactions that the borrower and lender intend on collaborating on in the near future.”