M
G Developer secured a $14.5 million loan for pre-development costs on its Coral Gables boutique condominium project, Alhambra Parc. The financing was provided by three New York-based lenders: H Equities, 141 Funding, and Maxim Capital Group. Colliers' team led by Jeffrey Donnelly and Dmitry Levkov arranged the mortgage on behalf of MG Developer, led by CEO Alirio Torrealba.

    Alhambra Parc, an 11-story building with 78 condos at 33 Alhambra Circle, recently received full approval from the city of Coral Gables. The loan will give MG a year to refine its plans and complete construction drawings. Designed by Bellin Pratt & Fuentes Architects, the project features one-, two- and three-bedroom units ranging from 1,028 square feet to 3,366 square feet.

    MG Developer is actively expanding its pipeline of projects. This month, it partnered with Prosper Group to pay $30.9 million for a waterfront development site in North Bay Village, where they plan an 11-story high-rise with 147 condos. The firm also recently entered the hospitality real estate market by purchasing Regency Miami Airport by Sonesta for $36 million.

    By the end of the year, MG Developer is expected to break ground on Coral Key, a 258-unit multifamily project in Princeton, which will include an 11-story building and 8,300 square feet of retail. The company has a contract to buy the 2-acre site at 13480 Southwest 248th Street for $19.2 million, which it assembled in 2022.