Alta Lands $94M Construction Loan for Miami Luxury Condos
The property will be located adjacent to a major retail center.
Alta Developers has secured a $94.2 million construction loan for the development of Cassia – The Residences at Coral Gables, a 12-story, 174-unit boutique luxury condominium project located in Miami’s Merrick Park District, within the Coral Gables submarket.
JLL Capital Markets arranged the loan for Alta Developers. The firm’s Debt Advisory team representing the borrower was led by Senior Managing Director Brian Gaswirth, Director Jimmy Calvo and Associate Justin Ratcliffe. Further details about the financing were not disclosed.
Alta Developers broke ground on Cassia, a 170,141-square-foot property located at 4011 Salzedo St., in March. The completion date is slated for 2027. By late March, Alta Developers reported that unit sales had already exceeded 50 percent. Prices start at $800,000, with brokerage exclusively managed by Cervera Real Estate.
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Designed by architectural firm Behar Font & Partners, Cassia will offer fully furnished, turnkey condominiums with curated furnishings from RH, the firm previously known as Restoration Hardware. The property will have one-, two- and three-bedroom units ranging in size between 662 and 1,461 square feet. Residences will feature European appliances and Italian cabinetry by Italkraft.
Condo owners at Cassia will be able to take advantage of more than an acre of indoor and outdoor amenities designed by IDDI, including a resort-style pool and deck, outdoor barbecues, wellness spa with an indoor pool, dry sauna, steam spa, treatment room and fitness studios. The property will also have front-desk reception, an executive lounge and business center.
Strategic location
Cassia – The Residences at Coral Gables will be adjacent to the Shops at Merrick Park, one of Miami’s top-performing luxury shopping destinations. The retail center is anchored by brands including Neiman Marcus and Nordstrom. It also has more than 100 restaurants and retailers including Gucci and Tiffany & Co. as well as fitness and wellness offerings such as Equinox Fitness, SoulCycle and Elemis Spa.
The property is an eight-minute Metrorail ride to Brickell’s financial district and a three-minute ride to the University of Miami. It also has convenient access to 105 million square feet of office space within a 45-minute radius.
More Alta projects
Alta Developers, led by Raimundo Onetto, principal and CEO, has brought more than 4,000 units to the South Florida market. Among the firm’s current projects is Casa Bella Residences by B&B Italia, a 56-story condo tower underway in Miami’s Arts and Cultural District. Alta Developers and partner Related Group secured a $240 million construction loan for the project in late 2023.
Other projects include Alana Bay Harbor Islands, Alta New River, Alta Hollywood, Crest at Pinecrest, Alta 9600 Phase II and 250 Bird at Merrick Park. The firm is also currently developing Alta Princeton, EON Squared Phase I and II, Quadro Miami Design District, Vesta and Neovita Doral.
