In a major milestone for the Gale Residences Fort Lauderdale Beach, developer Newgard Development Group has obtained a $35.6 million construction loan from Dallas-based HALL Structured Finance for the 129-residence project that is now over 70 percent sold.
Newgard closed on the construction financing on Tuesday, Aug. 2. The lender, HALL Structured Finance, is an entrepreneurial, value-add direct private lender to the real estate industry, specializing in providing capital for ground up construction, adaptive reuse and major asset repositioning and renovations for commercial real estate projects throughout the U.S.
“We’re grateful to have financial partners who recognize 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,” said Newgard chairman and CEO Harvey Hernandez. “The Gale is uniquely positioned in the heart of the city’s emerging North Beach Village neighborhood.”
Demolition and site work for the project began in April. G.T. McDonald is the project’s general contractor.
The Gale is attracting strong interest from a mix of domestic and international buyers in part because the luxury condo development was designed with value, location and quality of life in mind. Located just a block from the beach, the Gale offers two and three-bedroom residences ranging from 800 to 2,100 square feet. Prices start in the $500,000s.
While Fort Lauderdale offers value for the time being, prices are on the rise. Now is the time to act on the unprecedented value opportunity the Gale provides.
For more information, contact 954-888-2841.