MG Developer Locks Down $16.5 Million In Equity Financing To Complete Coral Gables Luxury Townhome Projects

MG Developer, led by CEO Alirio Torrealba, has locked down $16.15 million in equity financing to complete two luxury townhome projects in Coral Gables, Biltmore Row and Althea Row. The projects are currently under construction after broking ground in February 2020. The financing was provided by PBVMF 23 LLC and was arranged by Jeffrey Donnelly and Dmitry Levkov of Colliers International South Florida.

The projects are being developed as part of MG Developer’s Biltmore Square, which features MG Developer nearby projects including apartment projects Biltmore Parc and the recently sold-out Beatrice Row. Biltmore Row features 10 townhome units and is located at 760 Valencia Ave. while Althea Row features 5 townhome units and is located at 735 Almeria Ave. Each townhome under development offers 4 bedroom floor plans and range from 4,514 to 5,524 square feet, featuring terraces, private loggias and luxurious finishes. Pricing starts just over $3 million per unit.

MG Developer Launches Curated, Concierge-Style Real Estate Services

The boutique development company, MG Developer, is pioneering a new concept in concierge-style real estate services that allows buyers a newfound flexibility in the acquisition and disposition of homes. Qualified buyers interested in MG Developer’s luxury properties will be offered lucrative financing and services, aimed at making the move to MG’s properties effortless. 

MG Developer is a residential property development company based in Coral Gables, Florida, and is a subsidiary of MG Capital, which provides a comprehensive array of real estate-oriented services. MG Capital also manages MG Real Estate Group, which would list and sell buyers’ existing homes and then apply the accrued commission to the purchase of a MG Developer residence. 

Financing terms include ten percent down, the remaining 90 percent due within 12 months, and the sale of the buyer’s existing residence with no listing commissions. This allows buyers the flexibility to use those funds for a full year and a facile timeline to sell their current home. MG is currently completing the Biltmore Parc and Beatrice Row, both within walking distance of Downtown Coral Gables and Miracle Mile, and will be ready for occupancy this summer. 

Other concierge benefits include interior design and decor services - with the option of completion prior to moving in. The program is being launched at Biltmore Parc, a five-story development with units ranging from $1.2 million to $2 million, each offering a one-year membership to The Club at The Biltmore Hotel. Beatrice Row, MG’s second project, is a unique collection of nine, three-story Georgian style townhouses with prices starting at $1.4 million. Both developments will be part of MG’s 150,000-square-foot residential community called Biltmore Square, which will have a total of four residential buildings. 

Article by Katya Demina

MG Developers Receives TCO And 100% Sell-Out At 444 Valencia, Nears Completion On Biltmore Parc

MG Developer, a Coral Gables-based niche luxury boutique developer, has announced that 444 Valencia is the first of a number of their Coral Gables-based projects to secure TCO and is 100% sold out. The townhouse community is located at 444 Valencia Avenue, Coral Gables, and distinguishes itself through striking design elements in each residence. 444 Valencia was designed by Nelson de Leon at Locus Architecture, a well-recognized Coral Gables-based architecture firm. The project features 3- and 4-bedroom, three-story units that are approximately 4,500 SF, and priced from $1.8 to $2.2 million. Each unit includes a four-car garage, a feature that has proven very appealing to individuals with multiple, or ‘trophy,’ vehicles that must be garaged, among numerous other amenities.

Closely behind is Biltmore Parc, a 32-residence luxury condominium community located at 718 Valencia Avenue. Biltmore Parc has completed construction and is in the process of securing TCO. It is almost 50 percent sold. Biltmore Parc features 2- and 3-bedroom condominiums with dens, and large expansive terraces featuring Nanawall folding glass. It also offers owners a Premier Membership at the historic Biltmore Hotel’s club. T.A. Builder, a top general contractor based in Coral Gables, leads the high-level construction for Biltmore Parc, while Bellin & Pratt Architects, also based in Coral Gables, were the visionaries behind the architectural design. Artefacto provided the finishing touches and design for the development’s stunning lobby. Biltmore Parc is being marketed exclusively by Fortune International Realty.

“Reaching these important milestones, both for the remaining units at 444 Valencia and Biltmore Parc, reflects the demand for newer luxury niche products in Coral Gables,” said Alirio Torrealba, Chief Executive Officer of MG Developer. “We look forward to continuing the sales process with the now-completed Biltmore Parc. The decision to finalize construction before finalizing sales is an approach that we have embraced, and one that reflects our confidence in Coral Gables.”

“The suite of niche properties offered by MG Developer has something for every discerning buyer looking for a boutique-style luxury residence in the heart of the Gables, be it condominium or townhouse,” adds Jenny Ducret, Chief Operating Officer of MG Developer.  “All of our developments are within walking distance to many of the city’s historic attractions, as well as the main shopping and dining districts of Coral Gables.  We are confident that each of these developments meets the needs of those buyers looking for a home that provides ultimate luxury, comfort, and convenience in a beautiful city.”