Ascendra Capital and BAM Development have secured a $60 million construction loan to build a condominium project in Miami. The loan, provided by Dwight Mortgage Trust, will finance the development of Seventeen Gables Condominium, an eight-story building with 117 units at 1715 Southwest 27th Avenue, also known as Douglas Road.
The Filler Capital team, including Isaac Filler and Steve Edelstein, represented the borrowers in the transaction. David Scheer and Alex Izso from Dwight Mortgage originated the loan.
Construction is set to begin immediately, with completion expected next year. The project will feature one- to three-bedroom condo units, 178 parking spaces, and 2,000 square feet of ground-floor retail space. Sales are scheduled to start alongside construction, with prices beginning below $700,000. Tensie Forry of Cervera Real Estate is leading sales efforts.
In 2023, an entity led by Mayer Berkovits of BAM acquired the nearly one-acre site for $14.3 million. The purchase included assuming a $4 million loan on the property and increasing it to $8.5 million through S III Capital Partners as lender. That debt was later reassigned to S III SB Real Estate Credit A before Dwight Mortgage assumed it this month and raised it to $60 million.
Dwight Mortgage Trust operates as a real estate investment trust affiliated with New York-based Dwight Capital.
The current plan for Seventeen Gables Condominium represents a shift from earlier intentions for the site. Initially, BAM had planned an eight-story apartment building with 120 units instead of condos.
David Steinberg leads Ascendra Capital.
The area near Coral Gables has seen increased interest from developers planning high-end condominiums. In recent months, Allen Morris Company obtained a $132.5 million construction loan for its Ponce Park condo project at 3000 Ponce de Leon Boulevard in Coral Gables. Alta Developers is working on Cassia – The Residences at Coral Gables at 4011 Salzedo Street after securing a $94.2 million construction loan in May. Last year, Constellation Group and Boschetti Group changed their plans for an apartment project in Coral Gables to condos and launched sales for Cora at 4241 Aurora Street with starting prices at $950,000.
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