MG Developer, Vertical Developments nab Alhambra Parc Loan

MG Developer and Vertical Developments landed a $100 million construction loan for Alhambra Parc, a mixed-use luxury condo project in Coral Gables.

San Francisco-based Benmark Capital provided the financing for the eight-story development at 33 Alhambra Circle, according to a news release. Berkadia’s Scott Wadler and Bobby Dockerty arranged the three-year loan on behalf of the developers. The financing includes two options to extend the loan’s maturity date.

MG Developer, led by Alirio Torrealba, scored a $14.5 million preconstruction loan for the project in October 2023. Torrealba partnered with co-developer Fernando de Nuñez y Lugones’ Vertical Developments for the project and tapped One Sotheby’s International Realty to lead marketing and sales, with prices starting at $1.1 million. Construction is expected to start this fall.

A spokesperson for Berkadia and MG Developer did not immediately respond to requests for comment on whether construction has begun or when the project is expected to be completed.

Alhambra Parc will include 74 condos, 18,000 square feet of retail space and nearly 14,000 square feet of offices near Miracle Mile.

The residential portion will comprise 122,000 square feet and feature one- to three-bedroom units, along with penthouses. Amenities will include rooftop decks, a resort-style pool and spa, fitness and wellness facilities, coworking space, a residents’ lounge and concierge services.

Bellin & Pratt Architects designed Alhambra Parc, with interiors by Carlos Guevara and amenity spaces by Raymond Nicholas principal Ray Jimenez.

Property records show MG Developer paid $19.2 million for the 1.1-acre site in 2022. Alhambra Parc marks the firm’s 10th project in Coral Gables, where Torrealba has emerged as one of the city’s most active luxury residential developers.

The Venezuelan developer has a slew of projects in the city that include the 13-unit George townhome development, Biltmore Row, Beatrice Row, Village at Coral Gables and the 39-unit boutique condo project The Village at Coral Gables. The firm has mainly focused on luxury townhomes and boutique condos in Coral Gables before expanding into larger multifamily and mixed-use developments elsewhere in South Florida.The construction loan for Alhambra Parc comes as MG Developer continues to grow beyond its Coral Gables roots. The firm’s developments in the pipeline exceeds $500 million and includes projects in Hialeah, Doral, Miami and North Bay Village.