MG Developer’s pipeline keeps pumping along after Alirio Torrealba’s firm landed a $39 million construction loan for a Coral Gables townhome project.
Miami-based Pine Bay Capital provided the financing for The George, a planned development of 13 two-story townhouses at 717 Valencia Avenue that represents the final phase of MG Developer’s Biltmore Square community, a press release states.
Coral Gables-based MG Developer already completed the 32-unit Biltmore Park condominium and three other townhome projects: the five-unit Althea Row, the nine-unit Beatrice Row and the 10-unit Biltmore Row.
MG Developer plans to break ground on The George soon, and expects to complete the project in 2027, the release states. The Mediterranean-style project’s architect is Coral Gables-based De la Guardia Victoria Architects & Urbanists.
With prices starting at $5.9 million, each townhome at The George will span more than 5,000 square feet and will feature four-car garages, elevators and outdoor spaces.
Sales launched in September, led by celebrity broker Ryan Serhant and Jorge Fernandez.
Once completed, total sales from the project are expected to reach about $90 million, the release states.
In April, MG Developer also landed a $105 million loan to build Metro Parc South, a planned 10-story multifamily project with 347 units in Hialeah. Scale Lending, a joint venture between Slate Property Group and The Carlyle Group, provided the construction mortgage. The development site is adjacent to Metro Parc, a 10-story, two-tower project with 559 apartments that MG Developer co-developed with New York-based Baron Property Group.
Another MG Developer project is on tap for a groundbreaking. In October, the firm landed a $14.5 million pre-development loan for Alhambra Parc, an 11-story boutique building with 78 condos. MG Developer recently tapped One Sotheby’s International Realty to lead marketing and sales at Alhambra Parc.
