Ascendra Capital Secures JV Equity Loan For Ascend37 Luxury Condominium Development In Coral Gables
1715 Southwest 37th Avenue
$13,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 30, 2025
AI
The transaction involves a development site located at 1715 Southwest 37th Avenue in Coral Gables, featuring a total buildable square footage of 180,747. The site is being developed into Ascend37, a luxury condominium project consisting of 120 units, situated in a prime location known for its strong demand for Class A residential properties.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Address: 1715 Southwest 37th Avenue
- Market: Coral Gables
- Asset Type: Development Site ~ BSF: 180,747
- Landlord: Ascendra Capital
- Developer: Ascend37 & Ascendra Capital (as an affiliate of the developer)
- Loan Type: Equity
- Broksers: Isaac Filler, Steven Edelstein, Yossi Koschitzki & Jordan Gellman - Filler Capital
The deal was facilitated by Filler Capital, showcasing the collaboration between two long-time clients to create a joint venture equity arrangement. The project reflects a concerted effort in creative structuring, highlighting the teamwork involved in bringing the Ascend37 development to fruition.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93