Luxury residential developers are having a hard time finding construction financing in South Florida. Here's why.
December 19, 2016 at 11:00 AM
1 minute read
When Newgard Development Group landed a construction loan for a high-end condominium in Fort Lauderdale, the financing came from Hall Structured Finance, a private lender — not your traditional bank.
Howard Taft, who helped secure the $36 million loan for the Gale Residences, said only nonbank lenders like Hall were interested in backing the project.
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