Developers Land $100M Loan To Build Mixed-Use Coral Gables Project: The South Florida Deal Sheet
MG Developer and Vertical Developments secured a $100M construction loan to get started on a mixed-use development in Coral Gables.
Miami-based Benmark Capital provided the three-year loan for Alhambra Parc with two options to extend, according to a release.
Berkadia's Scott Wadler and Bobby Dockerty represented the developers in the deal.
The eight-story project at 33 Alhambra Circle — MG Developer's 10th in the neighborhood — will feature 74 luxury residences, 13K SF of office and 18K SF of retail. Units will range from one- to three-bedrooms with prices starting at $1.1M.
Residential amenities include rooftop decks, a gym and wellness facilities, a coworking space and a residential lounge.
MG Developer, led by Alirio Torrealba, purchased the site in 2022 for $18.2M, according to public records. In 2023, the developer landed a $14M preconstruction loan from New York-based lenders H Equities, 141 Funding and Maxim Capital Group.
FINANCING
A team made up of Leviathan Development, Lionheart Capital, Well Duo and The Lane Organization landed an $85M construction loan from Monroe Capital, according to a release.
In light of the loan, the developers broke ground on the Mirai Design District, a 41K SF boutique office building with 16K SF of retail and hospitality at 4200 NE Second Ave. in the Design District.
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Constellation Group and The Boschetti Group landed a $67M construction loan from BHI, according to a release.
Berkadia's Scott Wadler and Matt Nihan negotiated the transaction.
The Cora Merrick Park will feature 74 condos ranging from $900K to more than $4M. Construction at 4241 Aurora St. in Coral Gables began in April and is expected to finish in 2028.
CONSTRUCTION AND DEVELOPMENT
Developer Kurv Industrial and general contractor Miller Construction Co. finished the Bridge Point Miami Station logistics center, according to a release.
The complex at 11690 NW 105th St. comprises two buildings totaling 326K SF.
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14th Street Miami Investments LLC, an affiliate of Russell Galbut’s Crescent Heights, broke ground on a 283-unit luxury condo in Downtown Miami, according to a release.
The project, dubbed 14 Roc, is set to rise 31 stories at 125 NE 14th St., with completion in 2028. Units, which are at 50% sold, are short-term rental-friendly and range from 418 SF to 960 SF. Pricing starts at $590K.
The 25K SF of amenities will include coworking space, sauna and steam rooms, a podcast studio, a karaoke room, a theater and game rooms, and an entertainment lounge.
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Florida International University and Herbert Wertheim College of Medicine broke ground on the Helen Jacob Shaham Academic Medical Center, according to a release.
The 163K SF, seven-story building will feature outpatient clinics, same-day surgery centers, diagnostic imaging, medical education and training spaces, research facilities and classrooms.
Baptist Health South Florida will be the healthcare partner and operator. The project is expected to finish construction by 2028.
MILESTONES
13th Floor Investments and Key International launched sales for 619 Brickell by Nobu and Foster + Partners, according to a release.
The 75-story project plans 296 residences with one- to five-bedroom units, sky villas and penthouses. Units range from 1,160 SF to 5,526 SF and are priced between $3M and $60M.
There will be 90K SF at a cost of $25M, according to the release.
Amenities include five pools, padel courts, sports simulators, biohacking treatments and a resident-only Nobu café.
Before sales launched, $1B in residences were already reserved. A spokesperson for the project declined to disclose how many units have been reserved.
SALES
A 440K SF warehouse in Deerfield Beach sold for $84M as part of a national portfolio sale, according to property records provided by Vizzda.
The seller, Atlanta-based alcoholic beverage distributor Republic National Distributing Co., sold the warehouse, built in 1991, to an entity tracing to Reyes Holdings, a food and beverage distributor and bottler. The site at 441 SW 12th Ave. last sold in 2007 for $19M.
Reyes obtained a $60M loan from Wells Fargo Bank.
Other sales took place in Arizona, Colorado, Florida, Hawaii, Louisiana, Maryland, Oklahoma, South Carolina, Texas, Virginia and Washington, D.C., according to a Reyes release.
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An entity tracing to Interface Properties purchased a mixed-use office and retail campus in Boca Raton from an affiliate of James Caprio for $40M, according to records provided by Vizzda.
The 183K SF Fountains Center at 7000-7700 W. Camino Real consists of seven buildings ranging from one to four stories, built between 1978 and 1988.
City National Bank provided a $31M loan.
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A Silverman Group Co. subsidiary, Sl Acquisitions LLC, purchased two industrial buildings totaling 180K SF in Riviera Beach from RLIF Riviera Beach SPE LLC for $34M, according to a release.
CBRE's Robert Smith and Kirk Nelson represented the buyer.
The 69K SF building at 1701 Australian Ave. is fully leased to flooring company Suncrest Supply.
The second building, totaling 111K SF at 2001 Australian Ave., is a multitenant space with up to 85K SF available.
