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

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FINANCED
$39,000,000

Florida

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Development Site
Financed 07/14/2025
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FINANCED

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

717 Valencia Avenue

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Development Site
Financed 07/14/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

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:

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.

Players

PC
Pine Bay Capital
LENDER
Alirio Torrealba
MG Developer
Alirio Torrealba
15 deals$402.4M volume
LANDLORD
MG Developer
MG Developer
LANDLORD
MG Developer
MG Developer
LANDLORD

Details

FINANCED
IMAGE: Alirio Torrealba & Diego Torrealba DATE: 07/14/2025 ADDRESS: 717 Valencia Avenue MARKET: Coral Gables ASSET TYPE: Development Site LENDER: Pine Bay Capital LANDLORD: Alirio Torrealba (@AlirioTorrealba) & Diego Torrealba (@DTorrealbam) - MG Developer (@MGDeveloper) LOAN AMOUNT: $39,000,000 LOAN TYPE: Construction NOTE: MG Developer secured a $39M construction loan from Pine Bay Capital to build The George, a 13-unit luxury townhome project in Coral Gables, marking the final phase of its Biltmore Square development. Sales for the Mediterranean-style homes, priced from $5.9M, launched in September and completion is expected in 2027.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$39,000,000.00

Monthly NOI$260,000.00
Monthly Debt Service$246,506.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00