MG Developer Acquires $19M Parcel for Condo Community in Coral Gables
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.