Alhambra Parc Secures $100 Million Construction Loan as Coral Gables Project Moves Forward

Construction is set to move forward at Alhambra Parc after developers MG Developer and Vertical Developments secured a $100 million construction loan for the luxury mixed-use project in downtown Coral Gables. The financing, provided by Benmark Capital and arranged by Berkadia, marks a major milestone for the eight-story development at 33 Alhambra Circle, where sales have been underway since 2025.  

The project will feature 74 luxury condominium residences with one- to three-bedroom floor plans, complemented by approximately 18,000 square feet of retail space and nearly 13,000 square feet of offices. Residences are priced from approximately $1.1 million, targeting buyers seeking boutique luxury living within walking distance of Miracle Mile and Coral Gables’ commercial core. The development team includes Bellin & Pratt Architects, with interiors by Carlos Guevara and amenity spaces designed by Raymond Nicolas.  

Residents will have access to a rooftop amenity deck featuring a resort-style pool and spa, fitness and wellness facilities, coworking spaces, concierge services, and private resident lounges. MG Developer acquired the 1.1-acre site in 2022 and previously secured a $14.5 million preconstruction loan before obtaining full construction financing. Alhambra Parc represents the developer’s tenth project in Coral Gables, reinforcing its long-term focus on the city’s luxury residential market.  

The financing reflects continued lender confidence in well-positioned luxury condominium projects despite a more selective capital environment. As Coral Gables continues to attract buyers seeking walkable neighborhoods, boutique developments with integrated retail and lifestyle amenities remain an important segment of South Florida’s evolving residential market.