MG Developer has paid $19.3 million for a parcel of land at 33 Alhambra Circle in Coral Gables, FL to build a mixed-use residential community. Alhambra Parc will contain 33 units and retail on the ground floor.

The acquisition was made in partnership with VYV, a real estate development group with headquarters in Peru that also partnered with MG Developer on its Gables Village development.

Knighthead Funding, LLC, a private mortgage lender based in New York, provided the loan. while Jeffrey Donnelly and Dmitry Levkov of Colliers financed the project.

 The new development will rise close to Downtown Coral Gables’ financial district and will be in walking distance to Giralda Plaza and several restaurants, shops and entertainment venues.

Alhambra Parc complements MG Developer’s Coral Gables projects Biltmore Square and Gables Village, which consists of duplexes, townhouses and condominiums with gardens, courtyards and hidden parking garages throughout an entire block.