MG Developer Secures $11M Loan from Knighthead Funding for 111,026 SF Parcel in Coral Gables

24 May 2022

MG Developer, known as one of the most active developers in The City Beautiful, announces it secured an $11 million loan by Knighthead Funding, LLC for the acquisition of the 111,026 square foot parcel at 535 Santander Avenue in the heart of Coral Gables.

Knighthead Funding, LLC provided the 12-month loan, with full-term interest only.

“We are proud to be MG Developer’s lending partner to purchase this unique parcel and are looking forward to seeing how this project further elevates Coral Gables,” said Brian Sullivan, Vice President of Knighthead Funding, LLC.

Plans for the notable new development called Gables Village, the 48-unit Seville-inspired residential community, will pay homage to George Merrick’s legacy and history in the form of shaded tree-lined streets, plazas, parks and fountains. MG Developer’s CEO, Alirio Torrealba, plans to revive George Merrick’s original vision for this parcel of the city in a classic, yet modern way.

“We are truly grateful to partner with Knighthead Funding for trusting in our vision and providing the loan to acquire the property where the neighborhood of Gables Village will be built and will further enhance the beautiful city we live in, while honoring George Merrick’s legacy. We have no doubt we will make our partners, residents, and neighbors proud of this new enclave,” said Alirio Torrealba, CEO of MG Developer.

Now in its planning stages, the project is expected to be completed in 2024. The village will consist of duplexes, townhouses, and condominiums set throughout 17 lots, featuring one-bedroom flats to four-bedroom townhomes that range in size, from 1,750 sq. ft. to 3,100 sq. ft.

The acquisition furthers MG Developer’s presence in Miami, complementing the existing Biltmore Square, a luxury village development in the heart of Coral Gables.MG Developer actively enhances Coral Gables’ culture and aesthetic with niche properties that fit within the city’s aesthetic values and tradition.

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