Biltmore Parc developer scores condo inventory loan for unsold units

MG Developer recently hired One Sotheby’s to take over sales and marketing

Miami /
Jun.June 13, 2019 12:30 PM
From left: Alirio Torrealba, Robert Barthelmess and Kenneth Baboun with Biltmore Parc

From left: MG Developer’s Alirio Torrealba, and BGI Capital’s Robert Barthelmess and Kenneth Baboun with Biltmore Parc 

Coral Gables developer Alirio Torrealba closed on a condo inventory loan for unsold units at Biltmore Parc.

Torrealba’s MG Developer secured a $7.75 million loan from BGI Capital, according to a press release. The financing comes as MG Developer hired One Sotheby’s International Realty to take over remaining sales of its Coral Gables developments, including 11 condos at Biltmore Parc. Fortune International Realty previously handled sales for MG Developer.

Developers typically take out condo inventory loans to pay off construction lenders, pull out equity and/or cover carrying costs of the units they have not yet sold. The developers of One Thousand Museum are seeking a $331 million condo inventory loan as the luxury Zaha Hadid-designed high-rise in downtown Miami nears completion.

Biltmore Parc, a 32-unit, five-story luxury development at 718 Valencia Avenue, was completed in 2017. The building was designed by Bellin & Pratt Architects. Units feature private elevators and large terraces with Nanawall, or folding glass door, systems.

BGI Capital provides traditional, specialty and bridge financing for residential and commercial real estate, according to the release. The Miami-based firm recently opened an office in New York to cater to Northeastern clients.

In all, One Sotheby’s took over sales of 34 units, including townhouses at Beatrice Row, Althea Row, Biltmore Row, Villa Blanca and 3400 Ponce. Prices for the remaining developer inventory range from about $2 million to $3.2 million.


Related Articles

arrow_forward_ios
Placeholder image
Location Ventures sells Coral Gables luxury student co-living building
Location Ventures sells Coral Gables luxury student co-living building
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Jeff Bezos and his parents, Jackie and Mike Bezos, with 9501 Journeys End Lane (Douglas Friedman, Getty)
Jeff Bezos’ parents close on second Coral Gables mansion for $44M
Jeff Bezos’ parents close on second Coral Gables mansion for $44M
Allen and Spencer Morris, a rendering of the Ponce Park Residences, Mayor Vince Lago and Commissioner Rhonda Anderson (Oppenheim Architecture, Alan Morris, City of Coral Gables)
Coral Gables commission gives Allen Morris another chance for Ponce Circle project
Coral Gables commission gives Allen Morris another chance for Ponce Circle project
Jeff Bezos and his parents, Jackie and Mike Bezos, with 9475 Journeys End Road (Douglas Elliman Realty, Illustration by The Real Deal with Getty)
Jeff Bezos’ parents tied to $34M purchase of waterfront Coral Gables mansion
Jeff Bezos’ parents tied to $34M purchase of waterfront Coral Gables mansion
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Plaza 100 building and the Brickell Arch office tower (JLL, Brickell Arch, iStock)
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...