Privee Capital Secures $59M Construction Loan For Coral Gables Multifamily Complex

A development site spanning 1.45 acres with a buildable square footage of 301,597 was the subject of a recent transaction at 301 & 335 Madeira Avenue in Coral Gables.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $59,000,000
• Loan Type: Construction Loan
• Lender: City National Bank of Florida
• Landlord: Scott P. Alcus, Erwin & Issac Sredni - Privee Capital; Jacobo Azout - Elion

Privee Capital, led by executives and a managing partner at Elion, secured a $59 million construction loan from City National Bank of Florida for a nine-story multifamily complex in Coral Gables. The project, set to feature 144 units alongside amenities such as a pool and gym, is scheduled to commence construction in May, with a projected completion date of 2026.