MG Developer nabs $68M construction loan for Village at Coral Gables
2.6-acre project will include 48 townhomes, lofts, villas and condos
MG Developer plans to break ground on Village at Coral Gables this month after securing a $67.5 million construction loan.
New York-based Churchill Real Estate provided the financing for the 48-unit project at 535 Santander Avenue, according to a press release. Village at Coral Gables will have a mix of townhomes, lofts, villas and condos, ranging from 1,750 square feet to 3,100 square feet.
Prices start at nearly $2.1 million. One Sotheby’s International Realty is handling sales.
Designed by Coral Gables-based De La Guardia Victoria Architects & Urbanists, the project will be built in a Mediterranean Revival style with gardens, courtyards, and fountains, the release states.
MG Developer, led by CEO Alirio Torrealba, assembled the 2.6-acre site last year, paying a combined $15.9 million for an entire block.
Between March and June, MG Developer obtained final plat approvals from the city of Coral Gables and Miami-Dade County. Buildings at Village at Coral Gables will be between two and four stories tall. By incorporating a Mediterranean design, MG Developer is also getting a density bonus allowing two additional units per acre.
MG Developer is among the most active residential builders in Coral Gables. In recent years, the firm completed Althea Row, Biltmore Row, Biltmore Parc and Beatrice Row condo and townhome projects.
MG Developer is also co-developing a proposed apartment complex with 560 units in Hialeah. In September, MG Developer and Baron Property Group landed a $148 million construction loan for the planned 10-story, two-building project.
That same month, the joint venture completed a 2-acre assemblage near Coconut Grove and Coral Gables for a two-tower, nearly 472-unit apartment project south of Bird Road, called Merrick Parc. MG Developer and Baron paid $16 million for an acre at 3191 Southwest 39th Avenue and 3160 Southwest 38th Court.
Also last year, MG Developer bought the other adjacent acre at 3898 Shipping Avenue for $19.5 million.