MG Developer Secures $39M Construction Loan From Pine Bay Capital For Coral Gables Development Site

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.