MG Developer and Vertical Developments have secured a $100 million construction loan for Alhambra Parc, a mixed-use development planned at 33 Alhambra Circle in Coral Gables. Designed by Bellin & Pratt Architects, the project will bring 74 luxury residences, 13,000 square feet of office space, and nearly 18,000 square feet of retail space to a site near the center of the city’s downtown district.
The loan was provided by Benmark Capital, a real estate private equity firm based in Miami and New Jersey. Berkadia arranged the financing on behalf of MG Developer and Vertical Developments, with Managing Director Scott Wadler and Vice President Bobby Dockerty leading the transaction. Senior Managing Director Mitch Sinberg and Managing Directors Matthew Robbins and Brad Williamson also supported the deal.
“Securing this financing is a clear demonstration of the strength of Alhambra Parc, the quality of the project, and the confidence our partners and financial institutions continue to place in our vision,” said Alirio Torrealba, CEO of MG Developer…