Legacy By Grace

MG Developer obtains $16M in financing to complete Coral Gables project

MG Developer obtained $16.15 million in equity financing to complete a luxury townhouse project in Coral Gables.

The developer, through Biltmore Parc Homes, is building the 10-unit Biltmore Row and the 5-unit Althea Row at 760 Valencia Ave. and 735 Almeria Ave. It broke ground in February and work is ongoing. The new financing will help it complete the project.

The loan from PBVMF 23 LLC was arranged by Jeffrey Donnelly and Dmitry Levkov.of Colliers International South Florida.

The townhouses each have four bedrooms and range from 4,514 to 5,524 square feet. The project has a $46 million sellout value, so the average price per unit is just over $3 million.

Coral Gables is one of the most expensive housing markets in South Florida. The city is known for good restaurants, cultural attractions, many international and financial offices, and the campus of the University of Miami.

“It’s a challenging time to be sourcing and placing capital for any ground-up project, anywhere in the country,” Donnelly said. “Even in the best of times when the capital markets are more stable and predictable, there is a certain amount of imagination and vision required on the part of investors and lenders. However, with Biltmore Square, we had a very unique cocktail of attributes that made this assignment much more straightforward.”

MG Developer, led by CEO Alirio Torrealba, recently sold out the Beatrice Row project nearby, so it demonstrated there was demand for luxury townhouses in the area, Donnelly added.

Levkov said the lender/investor recognized South Florida would benefit from migration during the pandemic and there would be increased demand for townhouses with private entrances, as opposed to high-rise condos with shared common areas.

The general contractor on the project is Torre Construction & Development.