Ascendra Capital and BAM Development Secure $60M Loan for 117 Unit Coral Gables Condo Project

Key Points:

•  Ascendra Capital and BAM Development landed a $60 million construction loan for Seventeen Gables Residences in Coral Gables.
• The eight story project will deliver 117 condo units with prices largely under $1 million.
• Dwight Mortgage Trust provided the financing, signaling continued lender appetite for South Florida for sale product.

A developer duo is moving forward on a new condominium project in Coral Gables after securing $60 million in construction financing. Ascendra Capital and BAM Development closed on the loan for Seventeen Gables Residences, a planned eight-story building at 17th Street and Douglas Road. The lender was Dwight Mortgage Trust, an affiliate of Dwight Capital.

Project Scope and Pricing

The development will feature 117 condominium units in a mix of one, two, and three-bedroom layouts. Most residences are priced under $1 million, positioning the project within reach of upper workforce and move-up buyers rather than ultra luxury purchasers. Amenities will include a pool, sauna, fitness center, resident lounge, co-working spaces, assigned on-site parking, and approximately 2,000 square feet of ground-floor retail. The pricing strategy reflects a broader Coral Gables trend toward attainable luxury, particularly as buyers seek alternatives to higher-priced Brickell and waterfront inventory.

Location Advantage

Seventeen Gables offers walkable access to Miracle Mile and the core of Coral Gables while remaining less than 20 minutes from Brickell, Downtown Miami, and Miami International Airport. That balance of walkability and regional connectivity continues to support demand in the submarket.

Capital Markets Signal

The financing was originated by David Scheer and Alex Izso and arranged by Isaac Filler, Steve Edelstein, and Yossi Koschitzki of Filler Capital. For investors, this transaction highlights ongoing liquidity in the South Florida condo sector, especially for mid-scale projects with disciplined pricing. While some lenders remain cautious on speculative condo construction, strong submarkets like Coral Gables are still attracting construction capital. The message is clear. Well-located, sub $1 million condo product in established neighborhoods continues to draw both buyers and lenders in South Florida.