Coral Gables project scores $24.5M loan

A preconstruction mixed-use development in Coral Gables received a $24.5 million first mortgage loan. Grandbridge Real Estate Capital issued the loan to developer, the Mile at Coral Gables LLC, a joint venture between New York-based Greystone, Alta Developer, and Strategic Properties, according to GlobeSt. Known as, the Mile at Coral Gables — and located at 3622 Southwest 22nd Street — the project will rise 13 stories and feature 3,000 square feet of retail, as well as 119-unit luxury apartments. “The Mile at Coral Gables’ proximity to downtown and the airport is a key reason why the location is so attractive for a growing influx of sophisticated residents,” Grandbridge senior vice president Phil Carroll said. “This project fits with the area’s increasing demand for housing within walking distance of shopping, restaurants and cultural attractions.” [GlobeSt.] — Christopher Cameron