MG Developer Secures $14.5 Million Loan For Alhambra Parc Development In Coral Gables

The asset involved is a development site located at 33 Alhambra Circle in Coral Gables, encompassing 1.12 acres. The property is intended for the Alhambra Parc project, which will feature 11 stories and a total of 78 condominium units. The loan secured for the project amounts to $14,500,000, which is designated for pre-development costs.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,500,000
• Address: 33 Alhambra Circle
• Market: Coral Gables
• Landlord: Alirio Torrealba and Diego Torrealba - MG Developer
• Lenders: H Equities, 141 Funding, and Maxim Capital Group
• Brokers: Dmitry Levkov and Jeffrey Donnelly - Colliers

Colliers' brokers Dmitry Levkov and Jeffrey Donnelly facilitated the financing arrangement, which allows MG Developer a one-year timeline to finalize project plans and complete construction drawings for the condominium development.