Seventeen Gables Condominium is officially a go. Ascendra Capital and BAM Property Development have secured a $60 million construction loan to build the eight-story, 117-unit project at 1715 Southwest 27th Avenue and Douglas Road, just outside Coral Gables. The developers say construction will start immediately, with completion expected next year.
Developers and partners
Ascendra Capital is led by David Steinberg, who appears on the firm's about page, according to Ascendra Capital. BAM Property Development is headed by Mayer Berkovits and has been active across South Florida, including a 257-unit Flagler Village project in Fort Lauderdale, as reported by Discover South Florida.
Loan terms and timeline
The $60 million loan is provided by Dwight Mortgage Trust, with Isaac Filler and Steve Edelstein of Filler Capital representing the borrowers and David Scheer and Alex Izso of Dwight Mortgage originating the debt. The Seventeen Gables Condominium is slated to go vertical right away and is scheduled for delivery next year.
The building is planned to include one- to three-bedroom condos, roughly 178 parking spaces and about 2,000 square feet of ground-floor retail, with asking prices starting under $700,000, according to The Real Deal.
Where this fits in Miami's market
The financing adds to a run of construction loans for for-sale residential projects in Coral Gables and nearby neighborhoods, showing that lenders are still backing condo product despite higher interest rates. Recent deals, including a roughly $132.5 million construction loan for the Ponce Park condos, highlight continued lender appetite for high-end for-sale developments, as reported by CoStar.
Site history and a change of plan
An entity led by Mayer Berkovits paid about $14.3 million for the 0.9-acre site in 2023, records show, and earlier plans had called for an eight-story rental building. The new financing and the shift to a for-sale model follow a reassignment of debt that ultimately increased the project's borrowing to $60 million, per The Real Deal.
Developers say sales will begin as construction mobilizes and will be handled by a local brokerage team. For Coral Gables-area buyers, the project is set to add mid-rise inventory priced for purchasers who want proximity to the Gables without paying waterfront premiums.
