MG Developer and Vertical Developments have secured a $100 million construction loan for Alhambra Parc, an eight-story, 74-unit mixed-use residential tower planned for 33 Alhambra Circle in Coral Gables, positioning the project for a 2026 groundbreaking.

What is Alhambra Parc and where will it be built?

Alhambra Parc is a boutique mixed-use development planned by MG Developer and Vertical Developments at 33 Alhambra Circle in Coral Gables, Florida, located steps from the city's celebrated Miracle Mile shopping and dining corridor. The project will rise eight stories and deliver 74 for-sale residences across a mix of one-, two-, and three-bedroom floor plans, with starting prices of $1.1 million.

  • Address: 33 Alhambra Circle, Coral Gables, directly adjacent to the Miracle Mile district
  • Unit count: 74 residences across one-, two-, and three-bedroom configurations
  • Entry price point: $1.1 million for the lowest-tier unit

How was the $100 million construction loan arranged?

Benmark Capital provided the $100 million construction financing for Alhambra Parc, with the deal arranged by Berkadia, a national commercial real estate firm. The loan closes a critical funding milestone that allows MG Developer and Vertical Developments to move toward a 2026 groundbreaking on the Coral Gables site.

  • Lender: Benmark Capital
  • Loan arranger: Berkadia
  • Loan amount: $100 million
  • Groundbreaking timeline: 2026

What amenities and commercial space will Alhambra Parc include?

Alhambra Parc will offer residents dual rooftop decks, a resort-style pool, and a full spa, distinguishing the boutique tower from larger, more utilitarian condo developments rising elsewhere in Miami-Dade County. The building will also incorporate significant commercial square footage designed to activate the street level and upper floors.

  • Approximately 13,000 square feet of office space
  • Approximately 18,000 square feet of retail space
  • Amenities: dual rooftop decks, resort pool, and spa

What does this project mean for the Coral Gables real estate market?

Alhambra Parc enters a Coral Gables luxury condo market that has sustained strong demand, with the project's sub-100-unit scale and Miracle Mile adjacency setting it apart from the high-volume towers dominating Brickell and Edgewater. The $1.1 million entry price signals developer confidence that buyers will pay a premium for the city's walkable, Mediterranean-influenced character.

Original reporting on the construction loan was first published by The Real Deal Miami.