MG Developer nabbed a $14.5 million loan for pre-development costs associated with a planned Coral Gables boutique condominium project.
Three New Tork-based lenders, H Equities, 141 Funding and Maxim Capital Group, provided the financing for Alhambra Parc, a planned 11-story building with 78 condos at 33 Alhambra Circle, a press release states.
A Colliers team led by Jeffrey Donnelly and Dmitry Levkov arranged the mortgage on behalf of Coral Gables-based MG, led by CEO Alirio Torrealba. The loan provides MG with a full year to refine its plans and complete construction drawings for Alhambra Parc, which recently received full approval from the city of Coral Gables, Levkov said in a statement.
Designed by Coral Gables-based Bellin Pratt & Fuentes Architects, Alhambra Parc would feature a mix of one-, two- and three-bedroom units ranging from 1,028 square feet to 3,366 square feet, plans filed with the city show.
In 2022, MG assembled the 1.12-acre site for $19.2 million, records show.
The firm is actively expanding its pipeline of projects. This month, MG and Miami Beach-based Prosper Group paid $30.9 million for a waterfront development site in North Bay Village. The joint venture is planning a 340-foot high-rise with 147 condos on a 1-acre assemblage. The project, which will have units ranging from one to three bedrooms, is in the planning stages, and construction could begin in 2027.
Last month, MG jumped into the hospitality real estate game, paying $36 million for Regency Miami Airport by Sonesta, a five-story hotel near Miami International Airport. The 3.8-acre site also includes a vacant portion where MG plans to build a multifamily project with 220 units.
By the end of the year, MG is expected to break ground on Coral Key, a 258-unit multifamily project in Princeton, an unincorporated neighborhood in southwest Miami-Dade County. The planned 11-story building would also have 8,300 square feet of retail. MG is under contract to buy the 2-acre site at 13480 Southwest 248th Street, which is currently a used car lot.