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.