BAM Development and Ascendra Capital have successfully secured a $60 million construction loan for their upcoming condominium project, Seventeen Gables. Located at 1715 Douglas Road, the development aims to bring a unique offering of 117 units, with most priced under $1 million, to the Coral Gables area. The financing marks a significant step towards commencing construction and sales efforts for this highly anticipated residential community.
Key Takeaways
- A $60 million construction loan has been finalized for the Seventeen Gables Condominium project.
- The development will feature 117 units, with a focus on residences priced below $1 million.
- Dwight Mortgage Trust provided the loan, with origination by Dwight Capital and arrangement by Filler Capital.
- The project boasts a range of amenities, including a rooftop pool, fitness center, and co-working spaces.
- Sales and marketing will be handled exclusively by Cervera Real Estate.
Project Details And Financing
The $60 million construction loan for Seventeen Gables Condominium was provided by Dwight Mortgage Trust. David Scheer and Alex Izso of Dwight Capital originated the loan, while Isaac Filler, Steve Edelstein, and Yossi Koschitzki of Filler Capital arranged the financing on behalf of BAM Development and Ascendra Capital.
This financial backing is crucial for the developers, especially in the current market, ensuring buyer confidence that the project will be completed in a timely manner. David Steinberg of Ascendra Capital emphasized the importance of capitalization in today’s development environment.
Amenities And Design
Seventeen Gables Condominium will offer a mix of one-, two-, and three-bedroom residences. The development is designed to be amenity-rich, catering to a modern lifestyle. Residents can look forward to a rooftop pool, a sauna, a state-of-the-art fitness center, a resident lounge, and dedicated co-working spaces. Assigned parking and ground-floor retail are also part of the project’s design.
Acclaimed designer Karen Asprea, with offices in Coral Gables and New York City, is overseeing the interior design. Her involvement is expected to bring a sophisticated aesthetic to the condominium.
Launch And Market Strategy
Mayer Berkovits of BAM Developers expressed confidence in the project’s immediate commencement of construction, coinciding with the start of sales efforts. He highlighted the project’s prime location as a key factor in its potential success.
Jesse Ottley, President of Development Sales for Cervera Real Estate, noted that the developers are infusing a "New York sensibility" into Seventeen Gables. The concurrent launch of sales and construction underscores the developers’ strong belief in the product and its market appeal. Cervera Real Estate will serve as the exclusive broker for residential sales and marketing.