Berkadia, a leader in the commercial real estate sector, announced today that it arranged $100 million in construction financing for Alhambra Parc, an eight-story luxury mixed-use condominium development with 74 residences, retail, and office space in the heart of Coral Gables, Florida.
Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia Miami led the transaction on behalf of the sponsors, MG Developer and VYV Development of Miami, with additional support from Berkadia senior managing director Mitch Sinberg and managing directors Matthew Robbins and Brad Williamson.
Benmark Capital provided the three-year construction loan, which includes two extension options.
“Alhambra Parc represents the type of thoughtfully designed, location-driven luxury development that continues to attract lender interest despite a highly selective capital markets environment,” said Wadler. “The project is positioned in one of South Florida’s most supply-constrained and affluent submarkets, directly adjacent to Miracle Mile and within close proximity to Coconut Grove, Brickell, and Downtown Miami.”
“Coral Gables continues to experience strong demand for boutique luxury condominium product that offers a highly curated lifestyle experience,” added Dockerty. “Alhambra Parc distinguishes itself through its architectural character, wellness-oriented amenities, and premier walkable location in the urban core of Coral Gables.”
Located at 33 Alhambra Circle, Alhambra Parc will feature approximately 122,000 square feet of residential space, along with nearly 18,000 square feet of retail and 13,768 square feet of office space. Inspired by the historic Alhambra in Granada, Spain, the development blends Mediterranean and Spanish architectural influences with contemporary luxury living.
The residences will include one-bedroom, one-bedroom-plus-den, two-bedroom-plus-den, and three-bedroom-plus-den floor plans, in addition to expansive penthouses. Homes will feature ceilings up to 10 feet high, Italian kitchen cabinetry, quartz countertops and backsplashes, premium appliances, porcelain flooring, spacious terraces, walk-in closets, and spa-inspired primary bathrooms with soaking tubs and custom Italian vanities.
Amenities will include two rooftop decks with a resort-style pool and spa, the Paraiso Garden with outdoor kitchens, a private ground-level park, yoga garden, fitness and wellness center, residents’ lounge, clubhouse, coworking spaces, valet parking and 24-hour concierge services.
Alhambra Parc is located steps from Miracle Mile, Coral Gables’ premier shopping, dining, and entertainment district. The property also offers convenient access to Coconut Grove, Brickell, Downtown Miami, the University of Miami, and Miami International Airport.
