MG Developer, Coral Gables' most active developer of luxurious properties, acquired a parcel of land at 33 Alhambra in Coral Gables' Northside entrance, to build a mixed-use apartment community, Alhambra Parc. This acquisition is a partnership between MG Developer and VYV, a real estate development group based in Peru that has previously worked with MG Developer to build the Gables Village.
“VYV is grateful and feels very proud of the joint venture that it has built with MG and our plans are to grow in South Florida with the support of MG,” said Cesar Paniagua, Director of VYV.
Knighthead Funding, LLC, a private mortgage lender based in New York, provided the loan. Executive Directors Jeffrey Donnelly and Dmitry Levkov of Colliers International financed this project.
“We are truly proud to further our partnership with MG Developer and VYV for this second site in Coral Gables,” said Brian Sullivan, Vice President of Knighthead Funding, LLC. “We are also very proud to be growing our portfolio of properties in South Florida.”
“We are excited to be partnering with Knighthead Funding for another project in Coral Gables,” said Alirio Torrealba, CEO of MG Developer. “We are grateful to our partners for trusting in our vision for the City Beautiful, and our commitment to elevate the City with each and every project we build.”
Alhambra Parc consists of 33 units and includes retail spaces on the ground floor. The new development will be close to Downtown Coral Gables, steps away from Giralda Plaza and the variety of restaurants, shops, and entertainment venues. This acquisition further proves MG Developer's presence and efforts to enhance the city of Coral Gables. Alhambra Parc will enhance the existing Biltmore Square district and Gables Village which is currently in its pre-sale phase and has a new sales gallery located at 2990 Ponce de Leon Boulevard, Suite 101. Gables Village's completion is expected in 2024, featuring duplexes, townhouses, and condominiums complemented by gardens and courtyards throughout the block. Meanwhile, fifty percent of the space is dedicated to well-appointed landscaping and hidden parking garages.
MG Developer actively seeks to improve the city of Coral Gables with its exquisite real estate developments and its apprehension of Coral Gables' culture, traditions, and aesthetics.
For more information, visit mgdevelopermiami.com.
