Canyon Capital Realty Advisors LLC, a Los Angeles-based real estate investment firm, said it made a $27.7-million senior construction loan for BrickellHouse, a luxury Miami condomium project that is set to top off shortly.
The loan was made to an affiliate of Newgard Development Group to refinance an existing land loan and to fund construction to complete the 46-story tower at1300 Brickell Bay Drive. The 374-unit tower, which is expected to be completed by next summer, is nearly sold out.
With the Canyon Capital funding, Newgard developer Harvey Hernandez swept aside a potential distraction to the project in November by paying off a lienholder who had filed a foreclosure suit on a $15.8-million land loan that wasn’t due for three years. The former lienholder, JBG Development LLC, which is controlled by Jose Baboun, filed suit against the developer after a dispute erupted over how to subordinate JBG’s lien in order for BrickellHouse to obtain its construction loan.
Canyon Capital, a unit of Canyon Partners LLC, an investment management firm, said the BrickellHouse loan marked its eighth project in Florida in the last three years and its second in the Brickell area.