Ascendra JV, a partnership between Ascendra Capital and BAM Development, 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 enable 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 development will feature 117 one-, two-, and three-bedroom units across eight stories.
- Dwight Mortgage Trust provided the financing, with Filler Capital arranging the deal.
- The project is slated to include retail space and common-area amenities.
Seventeen Gables Project Details
The upcoming eight-story residential building, named Seventeen Gables, will offer a mix of one-, two-, and three-bedroom units. The development is strategically located at 1715 Douglas Road, providing convenient access to various retail chains, dining options, and Miami International Airport. Downtown Miami is also a short drive away.
Site work is expected to commence immediately. The project will also incorporate approximately 2,000 square feet of retail space on the ground floor. Residents will benefit from a range of common-area amenities, including a fitness center, swimming pool, sauna, and lounge area, along with dedicated parking.
Financing and Partnerships
Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, issued the $60 million construction loan. Filler Capital played a crucial role in arranging the deal on behalf of the borrower. Cervera Real Estate has been appointed to manage the sales and marketing efforts for the condominium units, while Karen Asprea is overseeing the interior design.
David Scheer, Managing Director at Dwight Capital, and Alex Izso, Originator, were instrumental in originating the loan. On the arrangement side, Isaac Filler, Founder & Leader of Filler Capital, along with Broker Steve Edelstein and Principal & Head of Underwriting Yossi Koschitzki, facilitated the transaction.
Market Context
This significant investment in Miami’s residential sector comes at a time when the Florida real estate market continues to see substantial development. Earlier this month, another major Florida project saw Shanna Collective and Iguana Investments secure a $360 million construction loan from Goldman Sachs for a luxury condominium development in Jacksonville.