MG Developer has locked in a $100 million construction loan for Alhambra Parc, a mixed-use project set to drop new condos, office suites and ground-floor retail into downtown Coral Gables. The financing, announced June 5, pushes the long-gestating plan at 33 Alhambra Circle out of the concept phase and into full-build territory, signaling lender confidence in the city’s central business district and its tight luxury inventory. The site sits within walking distance of Miracle Mile and other downtown amenities, where new product has been relatively scarce.
According to the South Florida Business Journal, MG Developer obtained a $100,000,000 construction mortgage for the project. The loan is structured to fund vertical construction and amenity build-out so the developer can move from drawings on paper to concrete in the ground. The outlet describes the financing as a key milestone for the boutique development, which blends residential, office and retail components in one address.
Plans filed with Miami-Dade County and reviewed by Florida YIMBY show the project spans roughly 1.12 acres at 33 Alhambra Circle. The development is slated to deliver about 78 residences, approximately 28,400 square feet of commercial space and roughly 150 parking stalls. The design calls for an eight-story, Mediterranean-inspired building with street-level retail and lower-floor offices sitting over a podium. Renderings and the project fact sheet also highlight rooftop amenity decks and a landscaped garden level reserved for residents.
Before securing the new construction mortgage, MG Developer lined up a $14.5 million predevelopment loan in October 2024 to wrap up plans and approvals, according to The Real Deal. That earlier financing, provided by three New York-based lenders, gave the team time to complete construction drawings and move through city reviews. The fresh construction loan now functions as the follow-on debt that typically covers site work, the building structure and core mechanical systems.
What the loan will pay for
Developer materials and the Alhambra Parc sales site show residences starting near $1.1 million and a dedicated sales gallery on Ponce de Leon. The marketing pages spell out the planned office and retail allocations that this construction loan is expected to bring to life, according to Alhambra Parc's official pages. The development listing notes a mix of one- to three-bedroom residences along with the street-level retail footprint. ONE Sotheby's International Realty is listed on the marketing materials as the exclusive sales agent for the project.
How this fits MG Developer's pipeline
MG Developer has been busy across Miami-Dade, and institutional lenders have backed several of its recent moves. The company secured a roughly $105 million construction loan for Metro Parc South and participated in a larger $148 million construction financing package tied to Metro Parc, according to reporting by CityBiz. That growing track record of arranging construction financing for both boutique and larger-scale projects likely helped MG Developer land the Alhambra Parc mortgage.
MG Developer has not yet announced a formal groundbreaking date, but closing this construction loan is the crucial financial step before vertical work can begin. The South Florida Business Journal reported that the loan closed on June 5, 2026. The developer still needs to finalize contractor agreements and secure final city permits before construction crews roll onto the site.
