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The Calta Group Secures $30 Million Construction Loan From Banesco USA For Coral Gables Development

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FINANCED
$30,000,000

Florida

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Development Site
Financed 01/07/2025
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FINANCED

The Calta Group Secures $30 Million Construction Loan From Banesco USA For Coral Gables Development

915 Palermo Avenue

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Development Site
Financed 01/07/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The asset involved in the transaction is a development site located at 915 Palermo Avenue in Coral Gables, covering an area of 0.9 acres. The site is designated for a luxury townhome project known as Via Veneto, which will feature 10 units priced between $5.7 million and $6.4 million. The project is set for completion in late 2026.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $30,000,000
  • Lender: Banesco USA
  • Landlord: Ignazio Caltagirone & Gaetano Caltagirone - The Calta Group
  • Loan Type: Construction

The deal is backed by The Calta Group, who previously purchased the site for $12 million in 2023, indicating a strategic expansion of their residential portfolio. The project reflects a continued investment in the luxury segment within the Coral Gables market.

Players

Banesco USA
Banesco USA
LENDER

Details

FINANCED
IMAGE: Ignazio Caltagirone & Gaetano Caltagirone DATE: 01/07/2025 ADDRESS: 915 Palermo Avenue MARKET: Coral Gables ASSET TYPE: Development Site ~ ACRES: 0.9 LENDER: Banesco USA (@BanescoUSA) LANDLORD: Ignazio Caltagirone & Gaetano Caltagirone - The Calta Group (@TheCaltaGroup) LOAN AMOUNT: $30,000,000 LOAN TYPE: Construction NOTE: The Calta Group secured a $30 million construction loan from Banesco for Via Veneto, a 10-unit luxury townhome project in Coral Gables with prices ranging from $5.7 million to $6.4 million. Slated for completion in late 2026, the project follows the developer’s 2023 $12 million site purchase and builds on its expanding residential portfolio.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$30,000,000.00

Monthly NOI$200,000.00
Monthly Debt Service$189,620.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00