MG Developer and Vertical Developments have secured a $100 million construction loan for Alhambra Parc, a mixed-use development planned at 33 Alhambra Circle in Coral Gables. Designed by Bellin & Pratt Architects, the project will bring 74 luxury residences, 13,000 square feet of office space, and nearly 18,000 square feet of retail space to a site near the center of the city’s downtown district.
The loan was provided by Benmark Capital, a real estate private equity firm based in Miami and New Jersey. Berkadia arranged the financing on behalf of MG Developer and Vertical Developments, with Managing Director Scott Wadler and Vice President Bobby Dockerty leading the transaction. Senior Managing Director Mitch Sinberg and Managing Directors Matthew Robbins and Brad Williamson also supported the deal.
“Securing this financing is a clear demonstration of the strength of Alhambra Parc, the quality of the project, and the confidence our partners and financial institutions continue to place in our vision,” said Alirio Torrealba, CEO of MG Developer.
“We are proud to advance another transformative project in Coral Gables, a city to which we have been deeply committed for more than a decade. Alhambra Parc reflects our belief that great developments should create lasting value for investors, residents, and the broader community. We are also fortunate to have Vertical Developments as a partner whose shared vision, professionalism, and expertise have been instrumental in bringing this project forward.”
Alhambra Parc will include one-, two-, and three-bedroom residences above a mixed-use program of office and retail space. Amenities and common areas are being designed by Ray Jimenez of Raymond Nicholas, while interiors are being designed by Carlos Guevara. The project represents MG Developer’s tenth development in Coral Gables.
“This achievement marks a major milestone for Alhambra Parc and reflects our confidence in Coral Gables as one of South Florida’s most dynamic and resilient markets,” said Fernando de Nunez y Lugones, CEO of Vertical Developments.
“With our headquarters in the city and several significant projects underway, we remain committed to creating destinations that contribute to the community’s long-term growth and vitality. It has also been a privilege to partner with MG Developer, whose deep market knowledge, proven track record, and commitment to excellence have been instrumental in advancing a project that will deliver lasting value for both residents and the city.”
The development is planned within Coral Gables’ downtown district, where it will contribute additional residential, office, and retail space within walking distance of the city’s established commercial core. Construction financing now in place clears a major hurdle toward the project’s advancement.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "$100 Million Construction Loan Secured For Alhambra Parc At 33 Alhambra Circle In Coral Gables"