MG Developer, under the leadership of Alirio Torrealba, orchestrated a captivating and insightful panel discussion and cocktail event that delved into the interplay between capital markets and real estate development in South Florida. This engaging occasion took place against the backdrop of the exquisite "The Village at Coral Gables" gallery, setting the stage for an enriching exchange of perspectives.
The panel was graced by notable keynote speakers who lent their expertise to the discourse. Catie Naranjo, the Chief Development Officer at MG Developer, Scott Wadler, a Managing Director at Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC, and Ayush Kapahi, the Founder of HKS, took the stage, with the moderation deftly handled by Demetri Demascus, the Founder of PROFILEmiami.
The panelists engaged in a deep exploration of the capital markets landscape and the intricate ecosystem of real estate in South Florida. They unveiled the specific hurdles and challenges that come with financing projects in a rapidly evolving market. The discussion shed light on the meticulous process that developers undertake to secure financing and the factors that lenders scrutinize when considering funding for developments. Legal considerations that can impact the financing process were also a focal point.
Scott Wadler of Berkadia shared his insights, remarking, "It is challenging right now from start to finish... You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible, and the way to do that right now is to find a project that is able to be built."
Catie Naranjo, CDO at MG Developer, echoed the sentiment, noting, "Cost of construction has gone up, insurance costs are up, interest rates, cost of capital, both on the debt and equity side, almost everything has ticked up. Luckily in Florida rents and property values have kept pace with the increased costs."
Ayush Kapahi of HKS underscored the importance of expertise and execution, stating, "As the market ages and moves, it wants to be behind someone who knows what they are doing... it is about having the right team."
Among the distinguished attendees were Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company. Following the insightful panel discussion, participants were treated to a cocktail reception featuring delectable hors d'oeuvres from Zucca, Coral Gables' renowned dining establishment.
In a significant development earlier this July, MG Developer, led by Alirio Torrealba, secured a substantial $67.5 million construction loan from Churchill Real Estate. This funding will support the realization of the eagerly anticipated Village at Coral Gables development, with groundbreaking expected to commence in the third quarter of 2023 and completion slated for the end of 2025.
Exclusively marketed by One Sotheby’s International Realty, The Village at Coral Gables stands as an upcoming enclave of 48 luxury residences, gracefully spread across a sprawling 17-lot area delineated by Malaga Avenue, Santander Avenue, Segovia Street, and Hernando Street. Upon its anticipated completion in the fourth quarter of 2024, this visionary project will encompass a range of dwellings, from townhomes to villas, lofts, and flats, spanning 1,750 to 3,100 square feet. Drawing inspiration from George Merrick’s Seven Villages, The Village at Coral Gables will embrace the Mediterranean Revival-Style Architecture, a design vision carefully crafted by De La Guardia Victoria Architects & Urbanists.
For further information, please visit www.MGDeveloperMiami.com.
