MG Developer and Vertical Developments have successfully secured a $100 million construction loan for their upscale condominium project, Alhambra Parc, located in Coral Gables, Florida. This significant financial backing from Benmark Capital, arranged by Berkadia, will propel the development of the 74-unit luxury condo complex, which also features commercial and office spaces.
Key Takeaways
- A $100 million construction loan has been secured for the Alhambra Parc luxury condo project in Coral Gables.
- The development will feature 74 condominium units, alongside significant office and retail space.
- The project marks MG Developer’s tenth development in Coral Gables, underscoring their commitment to the area.
- The loan comes amid a tightening condo inventory and increasing sales in the Miami-Dade market.
Project Details and Financing
Alhambra Parc, situated at 33 Alhambra Circle in downtown Coral Gables, is set to offer a mix of one- to three-bedroom condominiums. Beyond the residential units, the development will include 13,000 square feet of office space and 18,000 square feet of retail space. The project’s design team comprises Bellin & Pratt Architects, Raymond Nicolas, and Carlos Guevara Architects.
MG Developer acquired the 1.1-acre site for $19.2 million in 2022. The developers previously secured an initial preconstruction loan of $14.5 million two years later. Presales for the luxury units commenced in 2025, with prices starting at $1.1 million.
Amenities planned for Alhambra Parc include coworking spaces, a swimming pool, and a gym, aiming to provide a comprehensive living experience for its residents.
Market Context: A Strong Miami Real Estate Landscape
The financing for Alhambra Parc arrives at a time when the Miami-Dade County real estate market is experiencing a notable shift. Reports indicate a contraction in condo and townhome inventory, with fewer units available for sale in April compared to the previous year. New listings also saw a decline in the first four months of 2026.
Despite the reduced inventory, demand for condominiums remains robust. Year-to-date through April, condo and townhome sales increased by 4.7 percent year-over-year, with total investment volume rising by 10.4 percent to $3.2 billion in the same period. This strong market performance, including resilient presales for new condominium projects, provides a favorable environment for developments like Alhambra Parc.
Berkadia’s team, including Managing Director Scott Wadler, Vice President Bobby Dockerty, Senior Managing Director Mitch Sinberg, and Managing Directors Matthew Robbins and Brad Williamson, played a crucial role in brokering this significant financing deal for the developers.