BAM Development and Ascendra Capital have secured a $60 million construction loan for Seventeen Gables Condominium, a 117-unit residential development planned for 1715 Douglas Road in Coral Gables. Financing was provided by Dwight Mortgage Trust. The loan was originated by David Scheer and Alex Izso of Dwight Capital and arranged by Isaac Filler, Steve Edelstein, and Yossi Koschitzki of Filler Capital on behalf of the borrower. The development team indicates construction will begin immediately, concurrent with the launch of sales.
Designed by Caymares Martin A&E Design with interiors by Asprea Studio, Seventeen Gables draws inspiration from classic Coral Gables architecture while incorporating contemporary layouts and finishes. Residences are expected to be priced from the mid-$600,000s, with most units positioned below the $1 million threshold.
The project will include a mix of one-, two- and three-bedroom residences, as well as a fitness center, sauna, pool, resident lounge, co-working spaces, assigned parking and ground-floor retail. Cervera Real Estate is serving as the exclusive sales and marketing broker.
“Our goal is to begin construction immediately, concurrent with starting our sales efforts,” said Mayer Berkovits with BAM Developers. “We are extremely confident that this is the right project in the right location.”
“Capitalization is crucial in this current development environment,” said David Steinberg of Ascendra Capital. “Buyers need to feel comfortable that the buildings in which they are purchasing will come to fruition and do so in a timely manner.”
“The developers are bringing New York sensibility to Seventeen Gables,” adds Jesse Ottley, President of Development Sales for Cervera Real Estate. “Construction will be under way concurrent with the onset of the sales process, which speaks to their confidence in the product.”
The development is located at the intersection of 17th Street and Douglas Road, within walking distance of Miracle Mile and the commercial core of Coral Gables, and approximately 20 minutes from the Brickell and Downtown Miami corridor as well as Miami International Airport.
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