MG, Vertical score $100M construction loan for Coral Gables mixed-use
MG Developer and Vertical Developments landed a $100 million construction loan for Alhambra Parc, a mixed-use luxury condo project in Coral Gables. Miami-based Benmark Capital provided the financing for the eight-story development at 33 Alhambra Circle, according to a news release. Berkadia’s Scott Wadler and Bobby Dockerty arranged the three-year loan on behalf of the developers. The financing includes two options to extend the loan’s maturity date. MG Developer, led by Alirio Torrealba, scored a $14.5 million preconstruction loan for the project in October 2023. Torrealba partnered with co-developer Fernando de Nuñez y Lugones’ Vertical Developments for the project and […]This article originally appeared on The Real Deal. Click here to read the full story.
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