JV Raises $100M for Coral Gables Mixed-Use Project
MG Developer and VYV Development of Miami obtained a $100 million construction for an eight-story luxury mixed-use condominium development with 74 residences, retail and office space in the heart of Coral Gables, Florida.
Berkadia’s Scott Wadler and Bobby Dockerty of Berkadia Miami led the transaction on behalf of the sponsors.
Benmark Capital provided the three-year construction loan, which includes two extension options.
Besides the residences, Alhambra Parc will feature nearly 18,000 square feet of retail and 13,768 square feet of office space.
The residences will include one-bedroom, one-bedroom-plus-den, two-bedroom-plus-den, and three-bedroom-plus-den floor plans, in addition to expansive penthouses.
Amenities will include two rooftop decks with a resort-style pool and spa, the Paraiso Garden with outdoor kitchens, a private ground-level park, yoga garden, fitness and wellness center, residents’ lounge, clubhouse, coworking spaces, valet parking and 24-hour concierge services.
Alhambra Parc is located steps from Miracle Mile.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout