Miami Condo Project Advances With $100M Construction Loan
One of the developers has been active in the market for more than a decade.
MG Developer and Vertical Developments have secured a $100 million construction loan for Alhambra Parc, a 74-unit luxury condo project in Coral Gables, Fla. Benmark Capital provided the debt in a deal arranged by Berkadia.
MG acquired the 1.1-acre site for $19.2 million in 2022. Two years later, the developers secured an initial preconstruction loan amounting to $14.5 million. Presales debuted in 2025, with prices starting at $1.1 million.
The design team includes Bellin & Pratt Architects, Raymond Nicolas and Carlos Guevara Architects. Upon completion, the property will encompass one- to three-bedroom condos, as well as 13,000 square feet of office and 18,000 square feet of retail space. Amenities are set to include coworking spaces, a swimming pool and a gym, among other features.
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Located at 33 Alhambra Circle in downtown Coral Gables, the project marks MG’s 10th development in the city. The company has been active in the market for more than a decade, according to prepared remarks by CEO Alirio Torrealba.
Berkadia Managing Director Scott Wadler and Vice President Bobby Dockerty, together with Senior Managing Director Mitch Sinberg, as well as Managing Directors Matthew Robbins and Brad Williamson, brokered the financing deal on behalf of the developers.
Miami inventory shrinks, condo sales increase
Miami-Dade County’s market witnessed an inventory contraction with fewer condo and townhome units put for sale in April compared to a year ago, according to a report by Miami Realtors. There were 10.1 percent fewer such units across active listings. What’s more, new listings also declined 7.7 percent during the first four months of 2026 compared to the same period of last year.
However, demand remains strong, as 3,681 condo and townhome sales closed year-to-date through April, marking a 4.7 percent year-over-year increase, the same source shows. Total investment volume also ticked up 10.4 percent year-over-year to $3.2 billion in the first four months of 2026.
Presales are likewise resilient as new condominium projects continue selling units during the construction phase. For instance, Cervera Real Estate’s and 14th Street Investments’ 31-story downtown Miami condo project had 50 percent of its units sold in June.
