Updated Jul 15, 2025
MG Developer Secures $39M Construction Loan From Pine Bay Capital For Coral Gables Development Site
717 Valencia Avenue
$39,000,000
Units
13
Asset Type
Development Site
Closing
Jul 14, 2025
About this deal
AI
The development site at 717 Valencia Avenue in Coral Gables is part of the Biltmore Square development. MG Developer aims to construct a luxury townhome project known as The George, featuring 13 Mediterranean-style homes, with sales starting from $5.9 million and expected completion in 2027.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $39,000,000
- Lender: Pine Bay Capital
- Landlord: Alirio Torrealba & Diego Torrealba
- Loan Type: Construction
The loan secured by MG Developer from Pine Bay Capital is designated to facilitate the construction of The George. The sales for the project commenced in September, marking an important milestone in the development's timeline.
On the Map
$39,000,000
Development Site
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Players
Coral Gables Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93