A joint venture between BAM Development and Ascendra Capital has successfully secured a $60 million construction loan to develop Seventeen Gables, a new condominium project in Miami. The financing, provided by Dwight Mortgage Trust, will facilitate the construction of a 117-unit building located at 1715 Douglas Road, approximately five miles west of downtown Miami.
Key Takeaways
- A $60 million construction loan has been secured for the Seventeen Gables condominium project in Miami.
- The project will feature 117 one-, two-, and three-bedroom units.
- Dwight Mortgage Trust provided the financing, with Filler Capital arranging the deal.
Project Details and Location
Seventeen Gables will rise eight stories at 1715 Douglas Road, offering a mix of one-, two-, and three-bedroom residences. The development aims to provide modern living spaces complemented by a range of common-area amenities. These include a fitness center, swimming pool, sauna, lounge area, and dedicated parking. Additionally, the property will incorporate approximately 2,000 square feet of retail space, enhancing its convenience for residents.
The location offers proximity to essential retail chains such as Target and Publix, as well as various dining options. Miami International Airport is situated about four miles to the northwest, and downtown Miami is roughly five miles to the east, providing convenient access to major transportation hubs and the city’s core.
Financing and Development Team
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, issued the $60 million construction loan. David Scheer, Managing Director at Dwight Capital, and Alex Izso, Originator, were instrumental in providing the financing. Filler Capital played a key role in arranging the deal on behalf of the borrower, with Founder & Leader Isaac Filler, Broker Steve Edelstein, and Principal & Head of Underwriting Yossi Koschitzki leading the effort.
Cervera Real Estate has been appointed to manage the sales and marketing of the condominium units. Karen Asprea is overseeing the interior design aspects of the project. Site work is expected to commence promptly, marking the beginning of construction for this significant Miami residential development.