MG Developer, a leading real estate development firm, has successfully closed a $10 million loan for the acquisition of prime land in Coral Gables. This strategic move is a testament to the visionary work of MG Developer which marks a significant milestone, as it sets the stage for the development of 13 more exclusive ultra-luxury townhomes. Named after George Merrick, “The George” will truly be a work of art and will become the crown jewel of the master-planned “Biltmore Square” community. Designed by De La Guardia, whose award-winning designs have received recognition throughout the world, including for MG Developer’s renowned Beatrice Row, also located in the Biltmore Square enclave in 2021.

Alirio Torrealba, CEO of MG Developer, expressed his excitement about the project, stating, "We are thrilled to embark on this journey to create 'The George,' a collection of ultra-luxury townhomes that will set a new standard for opulent living in Coral Gables. The support from our financial partners and the Coral Gables community continue to be instrumental in making this vision a reality."

The 13-townhome enclave will be known as "The George," and is poised to redefine luxury living in Coral Gables. With meticulous attention to detail and a commitment to exceptional design, MG Developer envisions "The George" as a testament to the epitome of sophistication and comfort.

Key highlights of "The George" include:

Master Planned Excellence: Nestled within the prestigious Biltmore Square community, "The George" is located at 717 Valencia Avenue, and complements and completes the vision of an impeccably planned, upscale residential neighborhood by MG Developer, that is in walking distance to Miracle Mile, Downtown Coral Gables, the Biltmore Hotel, and hundreds of upscale restaurants and boutiques.

Ultra-Luxury Living: Each townhome will boast a sleek aesthetic with top-of-the-line features and finishes, offering residents an unparalleled living experience. Spacious layouts, high-end appliances, and curated interiors are just a glimpse of the lavish lifestyle "The George" will provide.

Groundbreaking in Q3 2024: Anticipated to break ground in the third quarter of 2024, this townhome collection is set to become a landmark development in Coral Gables. "The George" pays homage to the visionary real estate developer George Merrick. Renowned as the planner and builder of the city of Coral Gables, Florida in the 1920s, George Merrick is celebrated for creating one of the first major planned communities in the United States. MG Developer's decision to name these 13 ultra-luxury townhomes after George Merrick reflects a commitment to honoring his rich history and legacy he left for Coral Gables.

As MG Developer prepares to bring "The George" to life, the company remains dedicated to its mission of enhancing communities through innovative and quality developments. MG Developer actively elevates Coral Gables’ culture and aesthetic with each new property they develop to fit within the city’s discerning aesthetic values and tradition.

Metro Parc North is MG’s third project at their Metro Center Community 

MG Developer, now the most active developer in Hialeah and Coral Gables, announces it has secured an $18 million loan for its third transient-oriented multifamily development, Metro Parc North, a 663-unit multifamily in Hialeah, located at the entire block that includes, 901 E 26th Street, Hialeah, FL. This significant milestone marks MG Developer's commitment to expanding its presence in the region and contributing to the development of high-quality, transit-oriented housing solutions.

Principal and Founding Partner Ayush Kapahi of HKS and Executive Vice Presidents Jeffery Donnelly and Dmitry Levkov of Colliers International secured the financing. RMWC provided the loan.

Metro Center will provide nearly 1,600 attainable contemporary apartments to the City of Hialeah that will be within walking distance of the Metrorail and Tri-Rail Transfer Station. MG’s first multifamily building, Metro Parc, is a 560-unit, 10-story building that broke ground in 2022. Metro Parc North, with 663 apartments will rise next to Metro Parc at 983 East 26th Street and is expected to be completed in 2026. Metro Parc South, a 347-unit building, the latest of MG’s transit-oriented multifamily communities to be unveiled will be located at 954 & 934 E 25th Street and is slated for completion in 2027.

MG Developer has been working closely with the city of Hialeah to bring high-quality transit-oriented housing to the community, which will contribute to a more vibrant urban lifestyle while helping alleviate traffic in the area. The City of Hialeah is moving from the City of Progress to a “Forward-Thinking” Miami that is ideal for young professionals who want a lifestyle where they can walk to parks, dine, work, and play and be only a short distance from just about anywhere in South Florida by commuting by train.

“We are extremely proud to work collaboratively with the City of Hialeah and continue bringing projects to life in Hialeah that further our vision of a modern and transient lifestyle in this city,” said Alirio Torrealba, CEO and founder of MG Developer.

MG Developer and Baron Property Group’s acquisition of Metro Parc in 2021, marked the start of the company’s multifamily rental division. MG is committed to fulfilling the demand in the City of Progress for high-quality housing in the area while also giving residents the ability to commute easier and faster. This has now been further solidified with Metro Station and now Metro Parc North.

When completed, Metro Center will be considered Hialeah’s modern living lifestyle center that will boast more than 35,000 square feet of ground floor commercial space ideal for restaurants, cafes, boutique shops, health & fitness outlets, as well as a specialty market, all in the heart of Hialeah. It will also be a short distance from Hialeah Hospital, Amelia Earhart Park, Factory Town, and only 15 minutes from Miami International Airport. The entire Metro Center complex is expected to be completed in 2027. Projects within MG’s Metro Center community are slated to be completed between 2025 through 2027.

Led by Venezuelan native Alirio Torrealba, MG Developer is a residential property development company headquartered in Coral Gables, Florida that currently has $1 billion in development and another $424 million in the pipeline. MG Developer provides a comprehensive array of real estate-oriented services, from concept creation and property site selection to project advancement. MG Developer currently has several projects completed and in planning throughout South Florida and continues to be Coral Gables’ most active residential developer.

For more information, please visit www.MGDeveloperMiami.com.

MG Developer, led by Alirio Torrealba, announces the successful groundbreaking ceremony and Harvest Festival for The Village at Coral Gables, the highly anticipated residential development that pays tribute to the aesthetic beauty and lifestyle of Seville, Spain, and continues the legacy of the dreamer and founder of Coral Gables, George Merrick, and his vision for “The City Beautiful.”

The groundbreaking ceremony, which took place on Saturday, September 16 at 504 Malaga Avenue, marked the official commencement of construction for this remarkable enclave. The event was graced by more than 600 esteemed guests, including Coral Gables Mayor Vince Lago, President of Coral Gables Chamber of Commerce, Mark Trowbridge, the project's exclusive sales partner: Founder and CEO of One Sotheby’s International Realty, Mayi de la Vega and President Daniel de la Vega, residents, and neighboring residents and buyers.

“I’m beyond words today. I feel truly proud to be able to celebrate the groundbreaking of The Village at Coral Gables with all of you and share in this auspicious occasion,” said Alirio Torrealba, CEO and Founder of MG Developer. “It’s been a true labor of love for me, and for everyone at MG Developer, my family, our partners, our investors, the entire community. They have all entrusted us to build a beautiful enclave that is part of the vision George Merrick had when he founded Coral Gables in 1925 and that is exactly what we are doing now.”

Coral Gables Mayor Vince Lago added, “The Village at Coral Gables is a testament to the rich cultural heritage of our city. George Merrick’s vision for ‘The City Beautiful’ lives on in this exceptional project. I am immensely proud of Alirio for his dedication in bringing his vision to life, creating a lasting legacy that will enhance the fabric of Coral Gables for generations to come.”

Following the groundbreaking ceremony, attendees were treated to an unforgettable experience at the aptly named “The Village Harvest Festival.” The event held from 10:00 a.m. to 2:00 p.m., brought together families and residents from the community to celebrate the Fall Season and the arrival of The Village at Coral Gables. The festival featured a farmer’s market with local artisan vendors and fun carnival activities including face painting, bounce houses and more.

The Village at Coral Gables will be set throughout 17 lots, bordered by Malaga Avenue, Santander Avenue, Segovia Street, and Hernando Street. The townhomes, lofts, villas, and flats will vary in style and size, from the sophisticated flats of two bedrooms with a study room and a balcony to the charming four-bedroom townhomes that range from 1,750 square feet to 3,100 square feet. Inspired by Merrick’s seven villages, The Village at Coral Gables will be built in a Mediterranean Revival-Style Architecture, designed by De La Guardia Victoria Architects & Urbanists, and integrate gardens, courtyards, and fountains inspired by the alcoves in the Plaza de España.

Residents will enjoy an array of recreational amenities, including a wellness clubhouse, indoor and outdoor terrace lounge, fitness wing, plunge pool, library, conference center, and high-speed Wi-Fi – redefining modern living in historic Coral Gables. The Village at Coral Gables is situated within walking distance of Downtown Coral Gables, golf courses, the Lowe’s Hotel, Biltmore Hotel, cultural attractions, and renowned dining venues, offering residents the best of South Florida living.

With its captivating design, luxurious amenities, and prime location, The Village at Coral Gables is poised to become the most sought-after living destination in South Florida, seamlessly blending the past with the present.

For more information, please visit www.MGDeveloperMiami.com.

MG Developer, led by Alirio Torrealba, hosted an immersive panel and cocktail event, which explored capital markets and real estate development in South Florida at the stunning “The Village at Coral Gables” gallery.

The engaging panel featured keynote speakers Catie Naranjo, Chief Development Officer at MG Developer, Scott Wadler, Managing Director at Berkadia, Melissa Tapanes, partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus, Founder of PROFILEmiami.

Panelists talked about their respective capital markets environment and eco-system and shared specific obstacles and challenges behind financing projects in today’s rapidly evolving market. They also shed light on the process developers take to obtain financing, as well as what lenders are looking for when financing developments and the legal parameters that could impact the financing process.

“It is challenging right now from start to finish. A developer handles everything from site selection to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. 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.” Said Scott Wadler of Berkadia.

“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,” said Catie Naranjo, CDO at MG Developer.

“As the market ages and moves, it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team,” said Ayush Kapahi of HKS.

The evening was attended by real estate leaders such as 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, among many other notable guests. After the panel discussion, attendees enjoyed a cocktail reception with passed hors d’oeuvres provided by Zucca, Coral Gables’ finest dining restaurant and bar.

Earlier in July, MG Developer, led by Alirio Torrealba, announced it secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected to take place in the third quarter of 2023 and will be completed by the end of 2025.

Exclusively sold by One Sotheby’s International Realty, The Village at Coral Gables, is a new 48-luxury residence enclave, spread amongst an expansive 17-lot area bordered by Malaga Avenue, Santander Avenue, Segovia Street and Hernando Street. When completed in the 4^th quarter of 2024, it will comprise townhomes, villas, lofts, and flats that range in size, from 1,750 square feet to 3,100 square feet. Inspired by George Merrick’s Seven Villages, The Village at Coral Gables, will be built in a Mediterranean Revival-Style Architecture, designed by De La Guardia Victoria Architects & Urbanists.

For more information, please visit www.MGDeveloperMiami.com. 

MG Developer, a Coral Gables-based residential developer and currently the most active developer in Hialeah, announced today that it has named Leonard Chinchay as its new Director of Capital Markets and Jose Mata as the new Project Manager, for MG’s various projects in South Florida.

Leonard will be primarily responsible for refining and executing the company’s funding strategies for all the company’s projects within various markets – mainly in Florida but throughout the country.

“We are incredibly excited to have Leonard on board with us,” said Alirio Torrealba, CEO and Founder of MG Developer. "I feel confident that his experience and background will be instrumental to the growth of our organization, portfolio of properties, and an arsenal of resources at MG Developer.”

Before being named MG Developer’s Director of Capital Markets, Chinchay spent 20 years in the residential and commercial real estate space and held several leadership positions in development projects in Panama and New York City with major developers, including Key International, a real estate investment and development company based in Miami, Fla. His experience includes managing investor relations, financing, capital raising for private equity investments as well as land acquisitions.

For the last decade, Leonard has been consulting for a myriad of clients while establishing and expanding a network of institutional and private investors from the U.S. and foreign markets. Throughout his career, he was responsible for growing the investor base, building long-term relationships with investors, and raising capital for a range of financial products within the real estate sector. He has managed a successful investor relations program, including implementing various CRM systems and developing investor portals.

Leonard earned a Bachelor of Science Degree in Business Administration from Embry Riddle University and is currently a member of the Urban Land Institute (ULI) – the largest network of cross-disciplinary real estate and land use experts in the world.

Jose Mata, MG Developer’s new Project Manager, will be working with the senior development team to oversee a number of MG Developer’s projects throughout their evolution until projects are completed.

“Jose is an excellent addition to the development team,” Torrealba remarked. “His impressive background and proven leadership skills affirm that he will be a valuable asset to the success of all our projects moving forward.”

Mata has been in the construction industry for more than a decade. His most recent role, prior to joining MG Developer, was with Lennar Corporation, as he was overseeing the construction of a $100M Green development in Wynwood.

Mata earned his Bachelor of Science in Civil Engineering from the Georgia Institute of Technology and his Master of Business Administration from the University of Miami.

MG Developer's success has caught the attention of many institutional equity partners. Although most of them prefer to keep their involvement confidential, the company has collaborated with a number of prestigious national organizations, including Collier's, among others.

Under the leadership of founder and CEO Alirio Torrealba, MG Developer is a residential property development company based in Coral Gables, Florida, offering a wide range of real estate services, including concept creation, property site selection, and project advancement. Torrealba has already completed 11 developments and has more than $600 million in developments in planning throughout Miami, establishing MG as one of the most active developers in South Florida today.

For more information, please visit www.MGDeveloperMiami.com.

Veteran real estate consultant joins MG Developer as it nears the $1 billion benchmark of real estate developments that range from $6 million to more than $270 million in scope, MG has evolved into one of South Florida’s most prolific luxury, in-fill developers

MG Developer, a Coral Gables-based niche luxury boutique developer, announced today that it has named, Catie Naranjo, Chief Development Officer (CDO), which comes on the heels ofMG Developer nearing the $1 billion benchmark in developments making the company, one of the region’s most prolific developers.

“We have been working with Catie for the last couple of years, and she has been truly instrumental in getting several of our projects in line from the initial investor and planning phase to breaking ground,” said, Alirio Torrealba, CEO & Founder of MG Developer. "Through her level of expertise, proficiency and guidance, we have remained at the forefront of development in South Florida in this niche market, and I am certain that she will successfully continue to bring our vision and plans to life with her new role at MG." 

Catie’s primary role with MG Developer includes managing investor, lender, and stakeholder relations; as well as financial underwriting and review; coordination between various arms of the development team; establishing and tracking project budgets and performance while assessing market trends and opportunities. Catie’s expertise and skill set in real estate finance and underwriting are equally matched by her deep passion for idea generation and design. 

With projects ranging in scope from a $6 million luxury single-family residence to the $274 million 472-unit, Merrick Parc development, MG has earned a reputation for amassing select properties in some of the County’s most sought-after locations, including: Coral Gables, Hialeah, and the City of Miami.

Last year, Coral Gables’ most active residential developer, held its first groundbreaking in Hialeah for the construction of a 560-unit, 10-story apartment rental building in the “City of Progress”, named Metro Parc. This groundbreaking marked the company’s launch of its new multifamily residential division of rental buildings.

Less than a year later, MG Developer launched three other developments. The first is the developer’s second multifamily apartment community, Merrick Parc, which will sit just outside of Coral Gables’ city limits. A second is astructure that will rise in Coral Gables’ Northside entrance with 72 condominium units and retail on the ground floor, named Alhambra Parc. MG’s third project is The Village at Coral Gables enclave, comprised of 48 luxury residences spread amongst an expansive 17-lot area bordered by Malaga Avenue, Santander Avenue, Segovia Street and Hernando Street. It will include townhomes, villas, lofts, flats that range in size, from 1,750 sq. ft. to 3,100 sq. ft. Inspired by George Merrick’s seven villages, The Village at Coral Gables will be built in a Mediterranean Revival-Style Architecture, designed by De La Guardia Victoria Architects & Urbanists. Construction for this project is planned to commence in April of 2023.

The company’s most recently completed project, Althea Row, nearly sold-out in less than 90 days. Soon, MG will complete Biltmore Row, 10 exclusive townhomes that will wrap-up the developer’s master planned community known as Biltmore Square. Biltmore Square is also home to the 32-condominum residences, Biltmore Parc, and the row of 9 award-winning luxury townhomes called Beatrice Row.

“Reaching these milestones is a testament to the amazing team we have built and continue to grow at MG Developer,” concluded Alirio Torrealba.

Prior to being named MG Developer’s CDO, Catie spent the previous 12 years managing projects ranging in size from small private ventures to large-scale, high-profile endeavors. Catie has also personally invested in and developed her own successful real estate ventures, giving her a principal’s perspective on risk management, creative problem solving, and long-term visioning. 

Catie earned an MRED degree from the University of Miami, where she received the Outstanding Student in Real Estate Development & Urbanism Award. Prior to that, Catie earned a Bachelor of Science degree in Marketing from Clemson University.

MG’s success has attracted the attention of numerous venture capital partners. While most of those prefer confidentiality, the team has worked with entities such as Collier’s to secure development capital, as well as VYV, Leste Group, and Baron Property Group in New York.

Led by Venezuelan-native Alirio Torrealba, MG Developer is a residential property development company headquartered in Coral Gables, Florida, that provides a comprehensive array of real estate-oriented services, from concept creation and property site selection to project advancement. He currently has several projects completed and in planning throughout Miami and is Coral Gables’ most active developer.

For more information, please visit www.MGDeveloperMiami.com.

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