The Real Deal Miami

Private lending firm opens in Coral Gables

New Gables Capital has commitments to fund more than $100M this year
Steven Fischler and Eyal Alfie, and their office at 135 San Lorenzo Avenue in Coral Gables

Steven Fischler and Eyal Alfie, and their office at 135 San Lorenzo Avenue in Coral Gables

A pair of New York financial executives have teamed up to launch New Gables Capital, a Coral Gables and New York-based commercial real estate lending firm.

Steven Fischler, founder, president and managing principal of New York-based SRF Ventures, and Eyal Alfi, a banker and principal of the Miami-based Pan York Group of Companies, opened their office at 135 San Lorenzo Avenue earlier this year. Together, they have more than 40 years of finance-related experience.

New Gables Capital arranges and provides financing that ranges from $1 million up to about $30 million for commercial projects across all sectors. “We don’t want to compete with [the bigger firms] like Fortress and Ladder Capital,” Fischler told The Real Deal.

The firm, which has commitments to fund more than $100 million this year, is backed by a high net-worth family and other high net-worth investors, he said. So far, it has lent more than $50 million. The firm provides mezzanine loans, land acquisition loans, and preferred equity. And interest rates vary anywhere from 6 percent to 13 percent, depending on the deal, Fischler said. In December, the firm financed the bridge loan for two properties on Lincoln Road under a ground lease.

The private lending company aims to fill a void in the lending marketplace of borrowers who are “frustrated of dealing with banks” and overlooked by traditional lenders, or too small for large banks and non-banks. A typical deal closes in about three to four weeks, compared to the average 60-day period with banks, Fischler said.

“It’s pretty much our money,” he said. “We’re quick, we’re nimble and we’re flexible.”