MG Developer, Vertical Developments Land $100M Loan for Coral Gables Project

• MG Developer and Vertical Developments closed a $100M construction loan from Benmark Capital for Alhambra Parc at 33 Alhambra Circle in Coral Gables
• The 11-story mixed-use development brings 74 luxury residences starting at $1M, 13,000 SF of office, and 18,000 SF of retail to the heart of the Gables
• Berkadia's Scott Wadler and Bobby Dockerty arranged the deal; completion is targeted for 2028
• It is MG Developer's 10th Coral Gables project and the firm's largest construction loan in the city to date

MG Developer's Biggest Coral Gables Bet

Ten projects into Coral Gables and Alirio Torrealba is swinging harder than ever. MG Developer and Vertical Developments have closed a $100 million construction loan for Alhambra Parc, a mixed-use tower at 33 Alhambra Circle. The financing comes from Benmark Capital, a Miami- and New Jersey-based real estate private equity firm founded in 2021 that has been building a South Florida book quickly. Berkadia Managing Director Scott Wadler and Vice President Bobby Dockerty led the deal, with Senior Managing Director Mitch Sinberg and Managing Directors Matthew Robbins and Brad Williamson rounding out the team.

The $100 million is the largest construction loan MG Developer has closed in Coral Gables — nearly two and a half times the $41 million Berkadia arranged for the firm's George Residences townhomes less than a year ago.

What's Going Up at 33 Alhambra Circle

Bellin & Pratt Architects designed the 11-story building, which stacks 74 one-, two-, and three-bedroom residences — ranging from 858 to 2,801 square feet, priced from $1 million — above 13,000 square feet of office and nearly 18,000 square feet of retail. Amenities and common areas are by Ray Jimenez of Raymond Nicholas; Carlos Guevara is handling interiors. The mixed-use program is designed for walkability in a neighborhood that has been drawing steady institutional capital.

Co-developer Vertical Developments brings a $1.5 billion portfolio and 25 years of experience to the partnership. The firm's South Florida work includes the Armani/Casa Residences in Pompano Beach and the first Riva Residenze worldwide.

Into a Crowded Field of Capital

Alhambra Parc's $100 million close arrives in a Coral Gables construction loan market that has been running hot. Allen Morris pulled $132.5 million from Bank OZK for Ponce Park in January 2026. BAM Development and Ascendra closed $60 million for Seventeen Gables in February. Alta Developers landed $94.2 million for Cassia last May. Across those three deals alone, roughly $287 million in construction debt has flowed into the submarket in just over a year.

Benmark is moving fast. Before Alhambra Parc, the four-year-old firm had closed a $25 million pre-development loan for Continuum Club & Residences in North Bay Village and an $11.85 million acquisition loan in Miami Beach. The $100 million Coral Gables bet is a step change.

What's Next

The sales gallery is open at 2990 Ponce de Leon Blvd., Suite 101, Coral Gables. Delivery is targeted for 2028.