{"id":298088,"date":"2026-06-06T04:13:42","date_gmt":"2026-06-06T04:13:42","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/298088\/"},"modified":"2026-06-06T04:13:42","modified_gmt":"2026-06-06T04:13:42","slug":"mg-developer-vertical-developments-nab-alhambra-parc-loan","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/298088\/","title":{"rendered":"MG Developer, Vertical Developments nab Alhambra Parc Loan"},"content":{"rendered":"<p>MG Developer and Vertical Developments landed a $100 million construction loan for Alhambra Parc, a mixed-use luxury condo project in Coral Gables.<\/p>\n<p>Miami-based Benmark Capital provided the financing for the eight-story development at 33 Alhambra Circle, according to a news release. Berkadia\u2019s Scott Wadler and Bobby Dockerty arranged the three-year loan on behalf of the developers. The financing includes two options to extend the loan\u2019s maturity date.<\/p>\n<p>MG Developer, led by Alirio Torrealba, scored a <a href=\"https:\/\/therealdeal.com\/miami\/2024\/10\/14\/mg-developer-lands-15m-loan-for-coral-gables-project\/\" rel=\"nofollow noopener\" target=\"_blank\">$14.5 million preconstruction loan<\/a> for the project in October 2023. Torrealba partnered with co-developer Fernando de Nu\u00f1ez y Lugones\u2019 Vertical Developments for the project and tapped One Sotheby\u2019s International Realty to lead marketing and sales, with <a href=\"https:\/\/therealdeal.com\/miami\/2025\/02\/10\/mg-vertical-launch-sales-for-alhambra-parc-in-coral-gables\/\" rel=\"nofollow noopener\" target=\"_blank\">prices starting at $1.1 million<\/a>. Construction is expected to start this fall.<\/p>\n<p>A spokesperson for Berkadia and MG Developer did not immediately respond to requests for comment on whether construction has begun or when the project is expected to be completed.<\/p>\n<p>Alhambra Parc will include 74 condos, 18,000 square feet of retail space and nearly 14,000 square feet of offices near Miracle Mile.\u00a0<\/p>\n<p>The residential portion will comprise 122,000 square feet and feature one- to three-bedroom units, along with penthouses. Amenities will include rooftop decks, a resort-style pool and spa, fitness and wellness facilities, coworking space, a residents\u2019 lounge and concierge services.<\/p>\n<p>Bellin &amp; Pratt Architects designed Alhambra Parc, with interiors by Carlos Guevara and amenity spaces by Raymond Nicholas principal Ray Jimenez.<\/p>\n<p>Property records show MG Developer paid $19.2 million for the 1.1-acre site in 2022. Alhambra Parc marks the firm\u2019s 10th project in Coral Gables, where Torrealba has emerged as one of the city\u2019s most active luxury residential developers.<\/p>\n<p>The Venezuelan developer has a slew of projects in the city that include the <a href=\"https:\/\/therealdeal.com\/miami\/2025\/07\/14\/mg-developer-lands-39m-loan-to-build-coral-gables-townhomes\/\" rel=\"nofollow noopener\" target=\"_blank\">13-unit George townhome development<\/a>, Biltmore Row, Beatrice Row, Village at Coral Gables and the 39-unit boutique condo project The Village at Coral Gables. The firm has mainly focused on luxury townhomes and boutique condos in Coral Gables before expanding into larger multifamily and mixed-use developments elsewhere in South Florida.The construction loan for Alhambra Parc comes as MG Developer <a href=\"https:\/\/therealdeal.com\/magazine\/september-2025\/alirio-torrealba-revs-up-mg-developers-south-florida-pipeline\/\" rel=\"nofollow noopener\" target=\"_blank\">continues to grow<\/a> beyond its Coral Gables roots. The firm\u2019s developments in the pipeline exceeds $500 million and includes projects in <a href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/30\/mg-baron-plan-600m-three-building-rental-project-in-hialeah\/\" rel=\"nofollow noopener\" target=\"_blank\">Hialeah<\/a>, Doral, Miami and <a href=\"https:\/\/therealdeal.com\/miami\/2024\/10\/09\/mg-developer-prosper-buy-waterfront-north-bay-village-site\/\" rel=\"nofollow noopener\" target=\"_blank\">North Bay Village<\/a>.<\/p>\n<p>\tRead more<br \/>\n\t\t\t\t\t\t\t\t<a class=\"BlogrollPost\" href=\"https:\/\/therealdeal.com\/magazine\/september-2025\/alirio-torrealba-revs-up-mg-developers-south-florida-pipeline\/\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"133\" src=\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/06\/Arilio-Torrealba-200x133.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\"\/>\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<p>Alirio Torrealba revs up MG Developer\u2019s South Florida pipeline\u00a0<\/p>\n<p>\t\t\t<\/a><br \/>\n\t\t\t\t\t\t<a class=\"BlogrollPost\" href=\"https:\/\/therealdeal.com\/miami\/2025\/07\/14\/mg-developer-lands-39m-loan-to-build-coral-gables-townhomes\/\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"133\" src=\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/06\/MG-Developer-Lands-39M-Loan-To-Build-Coral-Gables-Townhomes_Main-200x133.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"MG Developer Lands $39M Loan To Build Coral Gables Townhomes\" loading=\"lazy\"\/>\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<p>MG Developer lines up $39M loan to build Coral Gables townhome project<\/p>\n<p>\t\t\t<\/a><br \/>\n\t\t\t\t\t\t<a class=\"BlogrollPost\" href=\"https:\/\/therealdeal.com\/miami\/2025\/02\/10\/mg-vertical-launch-sales-for-alhambra-parc-in-coral-gables\/\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"106\" src=\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/02\/MG-Vertical-Launch-Sales-for-Alhambra-Parc-in-Coral-Gables-f-150x106.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"MG, Vertical Launch Sales for Alhambra Parc in Coral Gables\" loading=\"lazy\"\/>\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tResidential\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<p>MG, Vertical launch condo sales for Alhambra Parc in Coral Gables<\/p>\n<p>\t\t\t<\/a><br \/>\n\t\t\t\t\t\t<a class=\"BlogrollPost\" href=\"https:\/\/therealdeal.com\/miami\/2024\/10\/09\/mg-developer-prosper-buy-waterfront-north-bay-village-site\/\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"106\" src=\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/04\/MIA-MG-Developer-Prosper-pay-31M-for-North-Bay-Village-condo-dev-site-FEATUREIMG_v2-150x106.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"\" loading=\"lazy\"\/>\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<p>MG Developer, Prosper pay $31M for North Bay Village condo dev site\u00a0<\/p>\n<p>\t\t\t<\/a><br \/>\n\t\t\t\t\t\t<a class=\"BlogrollPost\" href=\"https:\/\/therealdeal.com\/miami\/2023\/06\/30\/mg-baron-plan-600m-three-building-rental-project-in-hialeah\/\" rel=\"nofollow noopener\" target=\"_blank\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"150\" height=\"106\" src=\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/06\/Inside-MG-Barons-Metro-Center-Rental-Project-in-Hialeah_FT-Thumbnail-150x106.jpg\" class=\"FeaturedImage_image wp-post-image\" alt=\"Render of Metro Parc in Hialeah with MG Developer\u2019s Alirio Torrealba and Baron Property Group\u2019s Matthew Baron\" loading=\"lazy\"\/>\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n<p>\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n<p>MG, Baron plan $600M, three-building rental project in Hialeah<\/p>\n<p>\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"MG Developer and Vertical Developments landed a $100 million construction loan for Alhambra Parc, a mixed-use luxury condo&hellip;\n","protected":false},"author":2,"featured_media":298089,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[125463,123,125,124],"class_list":["post-298088","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-mg-developer-alhambra-parc","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/298088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=298088"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/298088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/298089"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=298088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=298088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=298088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}