MG Developer and VYV Development Secure $100M Construction Loan for Alhambra Parc

Why It Matters

The financing underscores strong lender confidence in Miami’s high‑end real‑estate pipeline, while the mixed‑use format meets growing demand for integrated living‑work environments in premium locations.

Key Takeaways

• $100M construction loan secured from Benmark Capital for Alhambra Parc.
• Project includes 74 condos, 18k sq ft retail, 13.8k sq ft office.
• Amenities feature rooftop pools, garden kitchens, coworking spaces, 24‑hour concierge.
• Location steps from Coral Gables’ Miracle Mile boosts foot traffic.
• Two‑year loan with two extension options provides financing flexibility.

Pulse Analysis

The $100 million construction loan secured by MG Developer and VYV Development underscores the continued appetite for large‑scale financing in South Florida’s booming real‑estate sector. Benmark Capital, a specialist lender, structured a three‑year facility with two optional extensions, giving the sponsors a flexible runway to complete the project while managing interest‑rate exposure. Such financing packages have become more common as developers seek to lock in favorable terms before potential rate hikes, and they signal confidence from capital markets in Miami’s post‑pandemic recovery.

Alhambra Parc will add 74 high‑end condominiums, roughly 18,000 sq ft of boutique retail and 13,800 sq ft of modern office space to Coral Gables’ urban core. The mixed‑use formula reflects a shift toward lifestyle‑centric developments where residents can work, shop, and relax without leaving the building. Proximity to Miracle Mile—a premier shopping and dining corridor—enhances the project’s appeal, promising strong lease rates for the retail component and premium pricing for the residences. The inclusion of rooftop pools, garden kitchens and coworking areas further differentiates the development in a competitive luxury market.

For the local economy, Alhambra Parc promises construction jobs, permanent service positions, and increased tax revenues once occupied. The project's scale also serves as a barometer for investor confidence in Coral Gables, encouraging other developers to pursue similar mixed‑use schemes that blend residential, commercial, and amenity‑rich environments. As Miami’s metropolitan area continues to attract affluent buyers and corporate tenants, projects like Alhambra Parc are likely to set a precedent for higher‑density, upscale developments that maximize land value while preserving the city’s distinctive character.

Deal Summary

MG Developer and VYV Development of Miami have secured a $100 million three‑year construction loan from Benmark Capital for the Alhambra Parc mixed‑use project in Coral Gables, Florida. The loan, arranged by Berkadia, includes two extension options and will fund the development of 74 luxury residences, retail and office space. This financing marks a key step toward completing the eight‑story luxury condominium.