The Mile at Coral Gables LLC, a joint venture between Greystone, Alta Developers, and Strategic Properties, secured a $24.5 million first mortgage loan for the construction of a 13-story mixed-used development at 3622 S.W. 22nd Street in Coral Gables. The Miami Office of Grandbridge Real Estate Capital announced that they had originated the transaction, with funding for the three-year interest-only loan provided through one of Grandbridge's banking relationships. "The Mile at Coral Gables' proximity to downtown and the airport is a key reason why the location is so attractive for a growing influx of sophisticated residents," explained Grandbridge Real Estate Capital Senior Vice President Phil Carroll. "This project fits with the area's increasing demand for housing within walking distance of shopping, restaurants and cultural attractions."
Designed by architecture firm Behar Font & Partners, the development includes plans for 3,000 square feet of street level retail and 119 luxury apartments, along with a pool, fitness center and a 175-space parking garage. With an estimated completion at the end of 2015, The Mile stands within walking distance of downtown Coral Gables, Florida with a projected value upon completion that exceeds $40 million.
For more news and information visit Blumberg Capital Partners.
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