Terra and Partners Secure $507 Million Construction Loan from TYKO Capital for 1250 West Avenue in Miami Beach

Terra, one of South Florida’s most active residential and commercial real estate development firms, in partnership with RG Development Group, GV Development and LORE Development, has secured a $507 million construction loan from TYKO Capital for the development of 1250 West Avenue, a new luxury waterfront condominium planned along Biscayne Bay in Miami Beach. The financing is a significant milestone for the project as it prepares to move forward with construction. Sales are expected to begin in 2027.

Located at 1250 West Avenue, the 28-story development along Miami Beach’s western waterfront will feature 106 residences. The project will introduce a low-density residential experience centered on expansive residences, indoor-outdoor living and sweeping views across Biscayne Bay and the Miami skyline.

“Securing this financing from TYKO is an important milestone for 1250 West Avenue and reflects the strength of the project and our long-term conviction in Miami Beach,” said David Martin, CEO of Terra. “This is a rare opportunity to create an exceptional waterfront residential experience while making meaningful investments in the surrounding neighborhood and public realm. We look forward to advancing our plans with our partners and bringing this vision to life.”

Plans for 1250 West Avenue include an extensive collection of private wellness and recreational amenities including ground-level and rooftop swimming pools, spa and a padel court. Two penthouse residences will crown the building, each featuring a private rooftop pool and dedicated amenity space. The development will also include underground parking, ground-floor retail space and lush tropical landscaping integrated throughout the property.

“Miami Beach continues to be one of the most supply-constrained luxury markets in the country, and opportunities to build on the bay at this scale are rare,” said Adi Chugh, Founder and CEO of TYKO Capital. “Terra has proven itself on prior transactions with TYKO, and the team assembled for 1250 West Avenue has the experience and local market knowledge to deliver. This is the type of project and sponsorship we look to back as we deepen our presence in South Florida.”

Beyond the residential tower, the development team has proposed a series of public improvements designed to strengthen connections between the neighborhood and Biscayne Bay, including enhancements to the Baywalk that would expand public access and connectivity along Miami Beach’s western waterfront.

Terra has an extensive track record of development across South Florida, including several major projects in Miami Beach. The firm recently completed Five Park, a 48-story luxury condominium tower at the gateway to South Beach and is currently developing the 800-room Grand Hyatt Miami Beach, now under construction adjacent to the Miami Beach Convention Center. Terra’s broader active luxury residential portfolio includes Villa Miami in Edgewater, Jean-Georges Miami Tropic Residences near the Miami Design District, THE WELL Coconut Grove, and Mr. C Hotel & Residences West Palm Beach, reflecting the firm’s growing presence across South Florida’s most sought-after residential markets.

Images via Terra

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The Lincoln Coconut Grove Locks Down $58 Million Construction Loan

The Lincoln Coconut Grove has locked down a $58 million construction loan for the luxury boutique condominium with 48 spacious residences in the heart of Coconut Grove, Florida. The project has begun construction and is scheduled to be completed by Q3 2028. Berkadia, a distinguished leader in the commercial real estate sector, arranged the 30-month construction loan, which includes two six-month extension options, and was provided by SME Capital.

Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia Miami, along with Senior Managing Director Mitch Sinberg, Matt Robbins and Brad Williamson, secured the financing on behalf of the development team: LORE Development Group (a joint venture formed by Leste Group and Opportunity Fundo de Investimento Imobiliário) and Element Development.

One Sotheby’s International Realty is the exclusive sales and marketing broker for The Lincoln, which has surpassed the 40% sold milestone.

“The Lincoln speaks directly to the sustained demand we’re seeing from both capital providers and discerning buyers for boutique, design-forward residential product in Coconut Grove,” said Wadler. “Lenders and equity partners continue to gravitate toward experienced sponsorship delivering thoughtfully curated communities in supply-constrained submarkets like the Grove.”

Added Dockerty, “The combination of limited new boutique inventory, strong pre-development interest and Coconut Grove’s enduring appeal as a family-oriented, lifestyle-driven neighborhood created a compelling opportunity for this capitalization.”

Located at 2650 Lincoln Avenue in Coconut Grove, The Lincoln features a collection of one- to four-bedroom residences – including six stunning penthouses with up to 3,633 square feet – with in-suite dens for versatile living, spacious private balconies, expansive walk-in closets, and custom chef-inspired Snaidero kitchens.

Building amenities at The Lincoln include a luxurious mix of spa-inspired wellness areas with sauna, steam room and hot and cold plunges, a state-of-the-art fitness center, golf simulator, co-working lounge and media area, as well as an enclosed private dog park and pet grooming room.

A resort style 40-foot long heated rooftop pool and observation deck features panoramic bay and city skyline views, private cabanas, an outdoor yoga and meditation area, lounge sitting area, and summer kitchens with outdoor grills designed to foster an exclusive sense of community for residents. Additional amenities include assigned and valet parking, 24/7 front desk and night security services, private storage rooms, and an enclosed bicycle area available to all owners.

All residences feature designer kitchens with quartz stone countertops. Miele appliances include a built-in wine refrigerator, 36-inch induction cooktop, wall-mounted oven, microwave and speed oven, and an integrated refrigerator tailored to each residence. Bathrooms offer floor-to-ceiling glass shower panels, resort-inspired vanity designs, premium fixtures, elegant Toto toilets, and marble countertops.

The property is ideally situated in the heart of The Grove with easy access to beautiful parks, marinas, top-rated schools, high-end restaurants, hotels and boutiques, along with nearby Coral Gables, Brickell, Downtown, and the Beaches.

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Prosper Group and Versluys Group Close On Brickell Waterfront Land Assemblage For $50 Million, Set To Move Forward With $650 Million Luxury Development

A joint venture between Miami-based development company Prosper Group, led by CEO Jay Roberts, and Belgium’s Versluys Group, one of Europe’s leading luxury property developers, led by CEO Bart Versluys, have closed on a three-parcel assemblage for $50 million. Miami-based Vaster provided a $30.5 million acquisition loan.

The assemblage is located at 66 SW 6th Street, 625 SW 1st Avenue, and includes a riverfront parcel that was previous part of 99 SW 7th Street that has yet to be assigned an address. The one-acre assemblage will pave the way for an upcoming ultra-luxury $650 million waterfront residential tower on the Miami River in Brickell. The off-market site was acquired from Two Roads Development and Newgard Development Group.

The closing follows Prosper Group's partnership announcement with Versluys Group to deliver a $650 million, 60-story tower, which will feature 181 residences and more than 300 feet of direct river frontage.

“We are one step closer to bringing our vision for this development to fruition,” said Jay Roberts, CEO of Prosper Group. “With their deep local roots in Miami and exceptional agility, Vaster proved to be the ideal partner, ensuring a completely seamless execution for this transaction. Prosper Group and Versluys Group look forward to unveiling more about our project on one of the last waterfront sites in Brickell, Miami’s financial district and urban core."

“This closing marks a defining milestone for Versluys Group as we bring our European heritage of craftsmanship to Miami's waterfront," said Bart Versluys, CEO of Versluys Group. "For over a century, we have shaped the Belgian and Dutch coastline with architecture built for generations and we bring that same discipline to the Miami River. Alongside Prosper Group, we will craft world-class residences that embody a unique combination of American ambition and vision with European finesse and style."

Situated directly on the Miami River, the development will offer immediate access to Brickell’s urban core, including the dining, retail, and entertainment at Brickell City Centre. Waterfront access will provide direct connectivity to Biscayne Bay and Miami’s broader boating network, while proximity to I-95, Miami International Airport, and Brightline will connect residents to destinations across South Florida and beyond.

Images via Prosper Group and Versluys Group

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Mast Capital And Koch Real Estate Investments Acquire The Islands of Islamorada Resort In The Florida Keys, Set To Launch Sales of Private Waterfront Villas

Mast Capital, in partnership with Koch Real Estate Investments, has acquired The Islands of Islamorada Resort, a luxury resort in Islamorada, Florida, offering convenient access to the Florida Keys’ renowned boating, fishing, dining and outdoor recreation destinations.

The joint venture of Mast Capital and Koch Real Estate Investments acquired the resort from the seller Frisbie Group. Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate. It was reported in July 2024 that Wills Company had acquired the property for $72 million but Frisbie Group retained a stake in the partnership.

Located at 82779 Old Highway in the Upper Keys, just 90 minutes from Miami, The Islands of Islamorada Resort features 22 private, oceanside villas and eight hotel suites across a serene and exclusive enclave. The luxury resort offers direct water access and an elevated hospitality experience in one of the Florida Keys' most sought-after destinations.

Spanning approximately seven acres of exceptional shoreline property in Islamorada, known as the "Sport Fishing Capital of the World," the resort offers an array of upscale amenities, including two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar and a state-of-the-art fitness center. Guests also enjoy access to a private marina with boat slips, paddleboards, kayaks and sailboats for leisurely coastal pursuits, as well as personalized concierge services and event spaces for weddings, corporate retreats and other special occasions.

The new ownership group plans to re-launch sales and marketing efforts for the property's 22 waterfront villas, with Ocean Sotheby's International Realty serving as the exclusive sales broker. With prices starting at $3.8 million, the fully furnished, detached residences span 4,067 total square feet and feature four bedrooms, four full bathrooms, three-story layouts with covered waterfront loggias primed for outdoor entertaining, two-car garages with EV charging capabilities, premium finishes and appliances, integrated smart-home technology, and concrete block construction built to current hurricane code standards.

"The Florida Keys represent one of the country's most supply-constrained hospitality markets, where exceptional waterfront assets continue to benefit from strong long-term demand and high barriers to entry," said Jordan Kornberg, Chief Investment Officer of Mast Capital. "The Islands of Islamorada offers villa buyers a unique opportunity to own a newly built, high-quality residence in the heart of the Florida Keys with the lifestyle of a luxury resort and ability to generate income through the resort’s rental program."

“The financing reflects continued lender confidence in well-capitalized sponsors pursuing differentiated and high-barrier investments in supply-constrained markets like the Florida Keys," Wadler said. "The Islands of Islamorada offered a rare combination of an irreplaceable waterfront location, luxury condo-hotel product and an experienced ownership group with a clear business plan, allowing the financing to come together on an accelerated timeline."

The acquisition further expands Mast Capital's growing hospitality portfolio across Florida as it continues to invest in premier leisure and lifestyle destinations. The firm's hospitality holdings include the three Michelin-key destination Little Palm Island Resort & Spa in the Florida Keys, one of the state's most exclusive luxury island retreats and America’s only private island resort, accessible only by sea or sky. The firm also owns the iconic Saddlebrook Resort in Tampa Bay, a 480-acre property that recently relaunched following a transformative renovation.

In addition to its hospitality assets, Mast Capital is also currently advancing several high-profile residential projects, including The Perigon Miami Beach, an ultra-luxury oceanfront condominium developed alongside Starwood Capital Group; Cipriani Residences Miami, an 80-story luxury residential tower that recently topped off in Brickell; and Banyan Tree Residences West Palm Beach, Banyan Group’s first-ever residential project in the U.S. being developed in collaboration with Curated JCZM Development.

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Witkoff Secures $302.6 Million Construction Loan for First Phase of Kobi Karp-Designed Residential Development in Miami Worldcenter

Another major residential development is moving closer to construction in Downtown Miami after Witkoff, in partnership with Monroe Capital, secured a $302.6 million construction loan for the first phase of its planned three-tower community at 700 North Miami Avenue in Miami Worldcenter.

The financing marks a significant milestone for one of the final large-scale undeveloped parcels within Miami Worldcenter. The nearly five-acre property, formerly home to the historic Miami Arena, is planned for a master-planned residential development designed by Kobi Karp Architecture & Interior Design.

The financing was provided by Athene Annuity and Life Company, an affiliate of Apollo Global Management, together with J.P. Morgan Chase. The transaction refinanced approximately $57.3 million in existing debt while providing roughly $245.3 million in new construction financing. Lotus Capital Partners arranged the financing.

The project's first phase will include a residential tower rising approximately 600 feet with 894 residential units. Plans also call for 17,367 square feet of ground-floor retail space and a nine-story parking garage encompassing approximately 167,237 square feet.

Upon completion, the full development will feature three residential towers rising 50, 51 and 53 stories. The master plan includes 2,346 residential units, approximately 30,535 square feet of commercial space and 2,078 parking spaces, creating one of the largest planned residential communities within Miami Worldcenter.

The development continues to move through the City of Miami's permitting process. Site preparation has already been approved, while the master building permit and phased vertical construction permit remain under review. Construction costs for the first phase are estimated at nearly $270 million, with Coastal Construction serving as the project's general contractor.

Witkoff and Monroe Capital acquired the property for $94 million in 2021 after earlier redevelopment plans for the site were never realized. Before the current vision, the parcel had been slated for a Marriott Marquis hotel and convention center project that ultimately did not move forward.

The property occupies the former site of the Miami Arena, which opened in 1988 as the original home of the Miami Heat before later hosting the Florida Panthers, as well as concerts, sporting events and other entertainment throughout its history. The arena was demolished in 2008.

Located within walking distance of Brightline's MiamiCentral Station and other regional transit connections, the project represents another major step in the continued evolution of Miami Worldcenter as Downtown Miami's mixed-use neighborhood continues to expand.

Renderings via Kobi Karp Architecture & Interior Design

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Gatsby Florida Secures $100.4 Million Refinancing Facilitated by Berkadia For DiVosta Towers Class A Office Campus in Palm Beach Gardens

Berkadia, a distinguished leader in the commercial real estate sector, has facilitated a $100.4 million loan for Gatsby Florida to refinance DiVosta Towers, a 220,000-square-foot Class A office campus in Palm Beach Gardens, Florida. One of the newest trophy office towers in Palm Beach County, DiVosta Towers consists of two 11-story office towers and a connected structured parking facility. The property is fully leased and home to a diverse roster of national and global tenants.

Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson of Berkadia Miami arranged the loan on behalf of the sponsor, Gatsby Florida.

Cirrus Real Estate Partners provided a three-year, floating-rate, interest-only loan. Proceeds will refinance the existing loan Berkadia arranged in 2022 and position the asset for continued performance.

“In today’s lending environment, office is the most scrutinized asset class, and refinancing even high-quality properties has become increasingly selective,” said Foschini. “DiVosta Towers stands apart. With full occupancy, institutional-caliber tenancy, and a location where new supply is effectively constrained, this was exactly the type of asset lenders are still willing to back.”

“Palm Beach Gardens has emerged as one of the strongest office submarkets in the country, supported by strong in-migration and massive corporate investments in and around West Palm Beach,” added Wadler. “Office rents are up more than 90% over the past decade, and that growth is being driven by real fundamentals. The building’s location and performance coupled with best-in-class ownership and management made this deal possible. The Gatsby Florida team has employed a class-leading tenant program in the building and continues to outperform in the state.”

“Since taking ownership of the properties in 2020 and completing the full lease-up and construction of the towers we have been able to attract, and continue to attract, some of the best global firms to our property,” added Isaac Schalom, Vice President, Gatsby Florida. “By having a hands-on approach to the management, leasing and all other aspects we continue to add value to this strategic asset in Palm Beach County.”

Located at 3825 and 3835 PGA Boulevard, DiVosta Towers was completed in 2019 and 2020 and is a highly visible landmark along I-95, distinguished by its two Louvre pyramid-inspired architectural frameworks. It was the first new office development delivered in the submarket in more than a decade. Tenants include JP Morgan, Wealthspire Advisors, Virtu Financial, and others.

The campus features floor-to-ceiling glass, 10-foot ceiling heights, and a best-in-class amenity package, including structured parking with direct lobby access, tenant conference and event space, high-speed elevators, EV charging stations, and outdoor gathering areas. DiVosta towers in the newest office building in the submarket in over 15 years.

“These buildings are visible 24/7 from I-95, A1A, PGA Boulevard, and other streets throughout Palm Beach Gardens. They are iconic in design and an example of our firm’s brand. We are very happy with their performance and look forward to maintaining this standard across all of our properties. We are excited to begin construction this year on the newest office tower in this underserved market—The Modern. This building will complement what we have achieved at DiVosta Towers and serve best-in-class global tenants relocating to Palm Beach County,” said Babak Ebrahimzadeh, President of Gatsby Florida. Tenants benefit from immediate access to more than 2.5 million square feet of surrounding retail, including The Gardens Mall, as well as a 130,000-square-foot Life Time fitness facility directly across the street. The property is prominently positioned along PGA Boulevard and State Road A1A, one of the region’s most sought-after commercial corridors.

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Related Group and BH Group Break Ground on Icon Beach Waterfront Residences in Hollywood

Hollywood's rise as one of South Florida's most coveted coastal destinations takes a defining step forward today with the official groundbreaking of Icon Beach Waterfront Residences. Developed by Related Group and BH Group, the 38-story, 350-residence tower rises above a shoreline perfectly situated between Miami and Fort Lauderdale, delivering a rare dual-water lifestyle anchored by a private 32-slip marina and resident-exclusive beach club at a price point that remains among the most compelling on South Florida's coastline.

The groundbreaking follows the recent closing of a $360 million construction loan from Tyko Capital, underscoring institutional confidence in both the Hollywood market and the development team behind it. With completion anticipated in 2028, the vision is rapidly coming to fruition.

“For years, Hollywood existed in the shadow of South Florida's more established coastal destinations. Not anymore,” said Nick Pérez, President of Related Group's Condominium Division. “The city is experiencing a remarkable transformation, and what we're building here is a direct reflection of that momentum. Today, we’ve started work on a destination where exceptional design, resort-inspired amenities and an unparalleled waterfront lifestyle come together for buyers who expect the very best and see Hollywood as the place to find it."

Positioned between the Atlantic Ocean and the Intracoastal Waterway, Icon Beach places residents at the center of South Florida's most extraordinary natural assets. With panoramic views stretching from sunrise over the ocean to sunset across the Intracoastal, the tower is crafted to celebrate water at every turn.

Envisioned by Cohen Freedman Encinosa & Associates with interiors by the award-winning Meyer Davis and landscape architecture by Witkin Hults + Partners, the development offers one- to three-bedroom residences spanning 948 to 2,580 square feet along one of South Florida's most sought-after stretches of coastline. Open-concept floor plans, floor-to-ceiling glass and oversized sliding doors open onto generous private terraces where the horizon stretches in every direction.

Primary suites offer a serene counterpoint, with spacious walk-in closets, spa-style bathrooms and soaking tubs appointed with fixtures from Kohler and Hansgrohe that transform everyday routines into something worth savoring. Kitchens are outfitted for both form and function with custom Italian cabinetry, large center islands and imported porcelain countertops in two curated finishes, paired with a premium suite of Bosch and Thermador appliances that bring a chef-inspired sensibility to every meal.

"What makes Icon Beach special isn't just its location, but how deeply the building is connected to the water around it," said Isaac Toledano, Founder of BH Group. "That philosophy extends from the residences themselves to the private marina, the exclusive beach club and the resort-style amenities designed around life on the water. The intention behind every detail is felt from every angle and there is simply nothing else in the market that comes close."

At Icon Beach, 40,000 square feet of amenity space unfolds around a single organizing principle: life is better on the water. The sparkling resort-style pool with sun shelf serves as the social heart of the property, flanked by stylish private cabanas and a tranquil spa and wellness center complete with cold plunge, steam room and Jacuzzi. A state-of-the-art 3,000-square-foot health club, equipped with advanced cardio and weight training equipment and dedicated yoga rooms, ensures that wellness is never more than an elevator ride away.

Beyond the pool deck, an outdoor cinema, sunset yoga lawn, summer kitchens and a reservable event space overlooking the Intracoastal Waterway create a setting that shifts effortlessly from a quiet morning to an evening among friends. A residents' gathering lounge and alfresco cocktail bar round out an amenity program conceived for every hour of the day.

Access to a private marina and a full-service beach club extend the Icon Beach lifestyle to the open ocean and Hollywood's beautiful shoreline. A dedicated concierge, 24-hour front desk, valet and security team ensure that every arrival feels like a welcome, and every request is met without hesitation. Select works from the world-renowned Jorge M. Pérez Contemporary Art Collection are woven throughout the common areas, lending Icon Beach a cultural depth that runs as deep as its design.

Icon Beach arrives at a pivotal moment for Hollywood, which recently celebrated its centennial anniversary – a milestone that reflects its remarkable evolution from a quiet beachfront retreat into one of the most sought-after waterfront destinations in South Florida. The Diplomat Beach Resort, long a cornerstone of the city's hospitality identity, recently reopened after a transformation and rebranding as Signia by Hilton, signaling the caliber of investment now flowing into the market. The Broward County Convention Center continues to drive consistent business activity, while ongoing development along the Hollywood Beach Broadwalk and a wave of acclaimed restaurants moving north from Miami are reshaping the city's culinary and cultural landscape. Sophisticated buyers are increasingly drawn to Hollywood's rare combination of natural beauty and urban convenience, and Icon Beach is where that demand finds its answer.

Renderings via ARX Creative

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13th Floor Investments and Barings Break Ground on Final Phase of Miami's Link at Douglas Transit-Oriented Development with $134 Million Construction Loan

13th Floor Investments, in partnership with Barings, has secured a $134 million construction loan to finance the development of Crescendo, the fourth and final residential tower at Link at Douglas, one of Miami’s largest and most transformative transit-oriented communities. The construction financing is led by Santander Bank in partnership with TD Bank and First Horizon Bank. Located at 3070 SW 37th Avenue adjacent to Miami-Dade County's Douglas Road Metrorail Station, Crescendo will include 392 multifamily units and complete the 7-acre Link at Douglas mixed-use community, strategically positioned at the intersection of US-1 and Douglas Road between Coral Gables and Coconut Grove. Now under construction, the 37-story tower is expected to deliver in 2029.

Link at Douglas' first phase, which delivered in 2023, introduced two fully leased residential towers totaling 733 apartments, the 312-unit Core and 421-unit Cascade buildings, along with more than 30,000 square feet of retail space anchored by Milam's Market. The project's third residential tower, the 432-unit Cadence building, is currently under construction and expected to deliver in 2028. With the addition of Crescendo, Link at Douglas will encompass more than 1,500 residential units across four towers, fully realizing a long-term vision for a dynamic mixed-use community integrated with one of Miami-Dade County's most important transit hubs.

"Crescendo is far more than the final tower at Link at Douglas," said Daryl Shevin, Chief Financial Officer of 13th Floor Investments. "It represents the culmination of years of planning, investment, and partnership with Miami-Dade County to create a community that brings housing, retail, and transit together in one of Miami's most connected locations."

Developed in collaboration with Miami-Dade County and its Department of Transportation and Public Works, Link at Douglas has transformed publicly owned land surrounding the Douglas Road Metrorail Station into a mixed-use community that integrates housing, retail, and transit. As part of the original agreement, the development team invested more than $17 million in public infrastructure improvements, including a complete renovation of the Metrorail station and the creation of a public plaza connecting directly to The Underline linear park.

Barings has partnered with 13th Floor Investments on the development since breaking ground on Link at Douglas’ first residential tower in 2019 and has remained a key capital partner throughout the community's multi-phase evolution.

“We're proud to continue our partnership with 13th Floor Investments at Link at Douglas as the project enters its final phase,” said Chris Cassella, Managing Director at Barings. “Crescendo is the realization of a thoughtfully executed vision in one of Miami's most connected locations, and we're pleased to help bring the final piece of the community to life.”

The completion of Link at Douglas further advances 13th Floor Investments' transit-oriented development strategy across South Florida. The firm recently broke ground on Link at Boca, a mixed-use development adjacent to Boca Raton's Tri-Rail Station that will deliver 340 residential units and 24,000 square feet of retail space. The firm also plans to develop Link at SoMi, a two tower 670-unit multifamily community adjacent to the South Miami Metrorail Station that emphasizes walkable design and urban living near major employment and education hubs.

Since its founding in 2008, 13th Floor Investments has delivered more than 4,700 residential units across South Florida and currently has more than 4,800 units in development or under construction. Today, the firm is focused on the development of luxury residential and mixed-use multifamily communities, growing its industrial portfolio, and expanding its single-family homebuilding business, 13th Floor Homes.

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Constellation Group and The Boschetti Group Secure $67.5 Million Construction Loan For Cora Merrick Park

Constellation Group and The Boschetti Group announced the successful closing of a $67.5 million construction loan for Cora Merrick Park, a boutique residential condominium centered on wellness in Coral Gables. Located at 4241 Aurora Street in the heart of the exclusive Merrick Park neighborhood, Cora will deliver 74 thoughtfully designed residences that reflect a modern, wellness-oriented approach to living.

Located in one of Coral Gables’ most supply-constrained neighborhoods, the 74-residence project is designed to offer a more private, wellness-oriented residential experience within walking distance of premier shopping, dining and office destinations

Lender BHI provided the financing, which was arranged by a Berkadia Miami team led by Scott Wadler and Matt Nihan.

“This is an important milestone for CORA Merrick Park and the larger Coral Gables community” said Eduardo Otaola, Principal at Constellation Group. “Securing financing from BHI, a well-respected regional lender, is a strong validation of both the market opportunity and the differentiated vision behind Cora Merrick Park. In today’s financing environment, lender support at this level reflects confidence not only in the project itself, but also in the long-term strength of the Coral Gables market. With construction now underway, we believe Cora represents one of the most compelling new residential offerings in Coral Gables and a distinctive long-term addition to the neighborhood.”

With financing secured and construction underway, Cora Merrick Park continues to gain momentum as one of the few boutique condominium developments in Coral Gables actively under construction

Scott Wadler of Berkadia added, “In today’s more selective lending environment, capital is gravitating toward best-in-class sponsorship, irreplaceable locations and projects that clearly differentiate themselves – and Cora Merrick Park checks every box.”

Construction on Cora Merrick Park began in April and is expected to be completed in 2028.

Priced from the $900,000s to over $4 million for penthouse residences, Cora Merrick Park is designed by acclaimed architecture firm Arquitectonica with interiors by Urban Robot. The project is among the first condos in Miami seeking certification through the International WELL Building Institute (IWBI) WELL for residential program, an evidence-based, third-party certification aimed at creating healthier, more resilient homes.

With wellness programming overseen by Spanish wellness firm Lamarca Well – known for creating Madrid’s first wellness hub – amenities and operations at Cora Merrick Park are centered on biohacking and longevity, featuring advanced air and water purification systems, noise-reducing acoustic design, non-toxic building and cleaning materials, a fitness center with a dedicated recovery zone, and a spa with infrared sauna, steam room, contrast hydrotherapy pools and red-light therapy panels.

Residents will also enjoy a resort-style rooftop pool deck, yoga and meditation area, lobby tearoom and the first rooftop padel court in Coral Gables. Outside, an original sculpture by celebrated Catalan artist Jaume Plensa anchors a lush 5,000-square-foot park that the developer is donating to the City.

Cora Merrick Park offers 13 unique floor plans ranging from one-bedroom residences to expansive three-bedroom-plus-den penthouse homes. Residences feature 10-foot ceilings, Italkraft kitchens, Sub-Zero and Wolf appliances, designer stone countertops, custom porcelain flooring and spacious walk-in closets. Select residences also include expansive private lanais.

The project is directly across from Shops at Merrick Park and within walking distance of downtown Coral Gables and the Metrorail, providing convenient access to Coconut Grove, the University of Miami and Downtown Miami/Brickell. It is also located one block from 4225 Ponce, the recently completed Class A, boutique office building anchored by wealth management firm UBS, also developed by Constellation Group and The Boschetti Group.

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MG Developer and Vertical Developments Secure $100 Million Construction Loan for Alhambra Parc in Coral Gables

MG Developer and Vertical Developments have closed on a $100 million construction loan for Alhambra Parc, their landmark mixed-use development located in the heart of Coral Gables.

Developed by MG Developer and Vertical Developments, Alhambra Parc received financing from Benmark Capital, a real estate private equity firm based in Miami and New Jersey. Managing Director Scott Wadler and Vice President Bobby Dockerty of Berkadia led the transaction in securing the loan on behalf of MG Developer and Vertical Developments, with additional support from Berkadia Senior Managing Director Mitch Sinberg, and Managing Directors Matthew Robbins and Brad Williamson.

“Securing this financing is a clear demonstration of the strength of Alhambra Parc, the quality of the project, and the confidence our partners and financial institutions continue to place in our vision,” said Alirio Torrealba, CEO of MG Developer. “We are proud to advance another transformative project in Coral Gables, a city to which we have been deeply committed for more than a decade. Alhambra Parc reflects our belief that great developments should create lasting value for investors, residents, and the broader community. We are also fortunate to have Vertical Developments as a partner whose shared vision, professionalism, and expertise have been instrumental in bringing this project forward.”

The closing represents a significant milestone for Alhambra Parc and reinforces strong institutional confidence in the vision, execution, and long-term commitment to Coral Gables. It also marks MG Developer’s 10th project in the city, further solidifying the firm’s role as one of the most active and established developers in the market.

“This achievement marks a major milestone for Alhambra Parc and reflects our confidence in Coral Gables as one of South Florida’s most dynamic and resilient markets,” said Fernando de Nunez y Lugones, CEO of Vertical Developments. “With our headquarters in the city and several significant projects underway, we remain committed to creating destinations that contribute to the community’s long-term growth and vitality. It has also been a privilege to partner with MG Developer, whose deep market knowledge, proven track record, and commitment to excellence have been instrumental in advancing a project that will deliver lasting value for both residents and the city.”

“Alhambra Parc is the result of a shared vision between two organizations that firmly believe in creating exceptional communities,” added Torrealba. “MG Developer’s experience and track record in Coral Gables, combined with the reach, innovation, and institutional capabilities of Vertical Developments, have made it possible to create a project that will bring lasting value to the city and contribute positively to its evolution over the coming decades.”

Located at 33 Alhambra Circle, Alhambra Parc is a premier mixed-use development featuring 74 one-, two-, and three-bedroom luxury residences, 13,000 square feet of office space, and nearly 18,000 square feet of curated retail in one of South Florida’s most sought-after neighborhoods. Designed by Bellin & Pratt Architects, with amenities and common areas by Ray Jimenez of Raymond Nicholas and interiors by Carlos Guevara, the project reflects both developers’ ongoing commitment to high-design, walkable urban living in Coral Gables.

Renderings via Ray Jimenez and Carlos Guevara

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