MG and Vertical Land $100M to Build Coral Gables Condo

MG Developer and Vertical Developments have nabbed a $100 million construction loan for a luxury mixed-use condo project in Coral Gables, Fla., the joint venture announced.

Private equity firm Benmark Capital provided the three-year loan for Alhambra Parc, a 74-unit development at 33 Alhambra Circle, just north of the town’s downtown core. The financing — brokered by Berkadia’s Scott Wadler, Bobby Dockerty, Mitch Sinberg, Matthew Robbins and Brad Williamson — includes two extension options.

So far, 22 units have pre-sold for a combined $41.9 million, according to a representative for MG Developer. The eight-story development will house 122,000 square feet of residential space on the fourth through ninth floors, nearly 18,000 square feet of retail, and 13,768 square feet of office space.

“The project is positioned in one of South Florida’s most supply-constrained and affluent submarkets, directly adjacent to Miracle Mile and within close proximity to Coconut Grove, Brickell and Downtown Miami,” Wadler said in a statement.

MG Developer purchased the full, 1.1-acre city block for $19.3 million in 2022 from the Hollo family.

The project marks MG Developer’s 10th project in Coral Gables, a wealthy Miami suburb. In 2023, it landed a $68 million construction loan for the 48-unit Village at Coral Gables, which will include a mix of townhomes and condo units.