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TA Builders scores $18M construction loan for Coral Gables rentals
Developer is demolishing an eight-unit condo, duplex on site
TA Builders scored an $18 million construction loan for a 25-unit luxury apartment project in Coral Gables.
The firm has started demolishing an existing eight-unit condominium and duplex on the development site at 701 and 711 Valencia Avenue to make way for the planned seven-story building, TA co-owner Luis Arevalo told The Real Deal.
The project, called 701 Valencia, will offer apartments with two bedrooms plus a den, spanning 1,600 square feet to 1,700 square feet. Completion is expected in the fall of next year.
Banesco USA is the construction financing lender, records show. The project also has several equity partners. They are Ivan Gomez, Andres Fonte, Javier Flores, Francisco Flores and Rafael Torres, according to Arevalo.
Arevalo and David Torres founded Coral Gables-based TA Builders in 2003. Also in Coral Gables, TA built the 32-unit Biltmore Parc condominium at 718 Valencia Avenue. The development team included Alirio Torrealba and United Developers Miami.
The project 701 Valencia will be a block west of Rishi Kapoor’s Location Ventures’ completed Villa Valencia condominium. The 13-story building with 39 units is at 501 to 525 Valencia Avenue.
Coral Gables has undergone redevelopment in recent years, with several more projects proposed.
Torrealba, whose firm is MG Developer, plans the Village at Coral Gables residential project with 48 units, including four duplex units, 16 townhouses, four lofts and 24 condos at 535 Santander Avenue.