Developers Snag $59M Construction Loan for Coral Gables Apartments

A developer is tearing down some old apartments, to build some new ones. A development group led by Erwin and Issac Sredni has snagged a construction loan and is moving ahead on a 145-unit apartment complex in Coral Gables. City National Bank of Florida provided the $59 million loan. The apartments would go up in a nine-story building, including nine live/work units where a small business could be hosted in the residence. The development would have 227 parking spaces. There would be an amenity deck on the fourth floor with a pool, gym and lounge. The project takes up 1.5 acres.

Coral Gables-based Behar Font & Partners designed the project.

The S. Florida Business Journal reports Coral Gables is a popular neighborhood for developers to build apartments because it has some of the highest rents in South Florida. The city is home to many corporate headquarters and financial offices, along with well-regarded restaurants and cultural attractions.

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