MG Developer obtains $100M construction loan for Coral Gables project

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

June 10, 2026

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MG Developer, led by CEO Alirio Torrealba, and Vertical Developments, headed by CEO Fernando de Nunez y Lugones, obtained a $100 million construction loan for a mixed-use project in Coral Gables.

Miami- and New Jersey-based Benmark Capital provided the mortgage to the developers for the project on 1.12 acres at 33 Alhambra Circle. Berkadia’s Scott Wadler, Bobby Dockerty, Mitch Sinberg, Matthew Robbins and Brad Williamson arranged the loan for the borrowers.

The eight-story Alhambra Parc is slated for 74 condos, 13,768 square feet of office space, 18,000 square feet of retail, and 146 parking spaces.

“Securing this financing is a clear demonstration of the strength of Alhambra Parc, the quality of the project, and the confidence our partners and financial institutions continue to place in our vision,” Torrealba said. “Alhambra Parc reflects our belief that great developments should create lasting value for investors, residents, and the broader community.”

This is MG Developer’s 10th project in Coral Gables, which has among the highest condo prices and office rents in Miami-Dade County. The influx of wealthy residents to the city has fed demand for office space as well, especially for financial companies.

The developers launched sales for Alhambra Parc in 2025. Units would range from 860 square feet with one bedroom at 3,122 square feet with three bedrooms and a den. Prices now start at $1.2 million.

The developers said 22 units in Alhambra Parc have been pre-sold. Lenders typically require a significant amount of pre-sales before granting a major construction loan. The developers plan to break ground this fall and complete it in 2028.

Bellin & Pratt Architects is the architect of the project. Amenities will include two rooftop decks with a pool and spa, a garden with outdoor kitchens, a yoga garden, a fitness and wellness center, a lounge, a clubhouse, and coworking spaces.

“Alhambra Parc represents the type of thoughtfully designed, location-driven luxury development that continues to attract lender interest despite a highly selective capital markets environment,” Wadler said. “The project is positioned in one of South Florida’s most supply-constrained and affluent submarkets, directly adjacent to Miracle Mile and within close proximity to Coconut Grove, Brickell and Downtown Miami.”

The developers acquired the property for $19.25 million in 2022.

Attorneys Leo Leyva, alongside members Robyn Pellegrino and Drew Barone, and associate Matthew Asnis of Cole Schotz represented the lender in the construction loan.

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