3 Firms Guide $100M Fla. Luxury Condo Construction Loan

Leo V. Leyva, Robyn A. Pellegrino, Drew F. Barone, and Matthew P. Asnis

June 15, 2026

Read Article Join Our Mailing List

Save as PDF

Real estate private equity company Benmark Capital provided a $100 million construction loan to a joint venture that’s building a Florida luxury mixed-use condominium development project in a loan deal guided by Cole Schotz PC, Affiliated Lawyers and Snyder International Law Group.

According to Cole Schotz’s Tuesday announcement, the 33 Alhambra Propco LLC joint venture is currently developing Alhambra Parc, which is planned to have 78 condominium units, a 3,000-square-foot luxury retail area and two Class A executive office areas. The project is being built at 33 Alhambra Circle in Coral Gables, Florida.

The joint venture comprises MG Developer and Vertical Developments, Cole Schotz also said.

On June 5, commercial real estate company Berkadia announced that it lined up the construction loan for the Alhambra Parc project. According to Berkadia, Benmark provided a three-year loan that comes with two term extensions for the project, which will set aside 122,000 square feet for its condominium units.

The project will also have 13,768 square feet of office space and its luxury retail space will take up almost 18,000 square feet, Berkadia said.

“We are proud to provide the $100 million construction financing package for Alhambra Parc,” Benmark’s founder and CEO Mark Simon said in a June 5 statement.

“Coral Gables remains one of the strongest luxury markets in [the] country, and this project reflects exactly the kind of well-sponsored, well-located opportunity we look to finance,” Simon continued. “Benmark has deployed capital [across] all aspects of the capital stack and Alhambra Parc is a natural extension of our platform. We look forward to seeing this landmark development through to completion.”

Benmark didn’t respond to a request for additional comment Wednesday.

MG and Vertical Developments didn’t respond to requests for comment.

Benmark is represented by Leo Leyva, Robyn Pellegrino, Drew Barone and Matthew Asnis of Cole Schotz PC.

MG is represented by Carlos A. Marin and Eric J. Strauss of Affiliated Lawyers.

Vertical Developments is represented by Jennifer Snyder of Snyder International Law Group.

Click here to read the full article.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication. No aspect of this advertisement has been approved by the highest court in any state.