Development partners BAM Development and Ascendra Capital have secured a $60 million construction loan for Seventeen Gables Condominium, which is located at 1715 Douglas Road. The 117-unit community is a rarity for any new development in or around Coral Gables, with most residences priced under $1 million.
The loan was provided by Dwight Mortgage Trust, and originated by David Scheer and Alex Izso of Dwight Capital, and arranged by Isaac Filler, Steve Edelstein and Yossi Koschitzki all with Filler Capital on behalf of the borrower.
The project will include a mix of one-, two- and three-bedroom residences. The amenity-rich project in includes a rooftop pool, sauna, fitness center, resident lounge, co-working spaces, assigned parking and ground-floor retail. Acclaimed designer Karen Asprea, who has offices in Coral Gables and New York City will be managing the interior design of Seventeen Gables. Cervera Real Estate is the exclusive sales and marketing residential real estate broker.
“Our goal is to begin construction immediately, concurrent with starting our sales efforts,” said Mayer Berkovits with BAM Developers. “We are extremely confident that this is the right project in the right location.”
“Capitalization is crucial in this current development environment,” said David Steinberg of Ascendra Capital. “Buyers need to feel comfortable that the buildings in which they are purchasing will come to fruition and do so in a timely manner.”
“The developers are bringing New York sensibility to Seventeen Gables,” adds Jesse Ottley, President of Development Sales for Cervera Real Estate. “Construction will be under way concurrent with the onset of the sales process, which speaks to their confidence in the product.”
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Development partners BAM Development and Ascendra Capital have secured a $60 million construction loan for Seventeen Gables Condominium, which is located at 1715 Douglas Road. The 117-unit community is a rarity for any new development in or around Coral Gables, with most residences priced under $1 million.