MIAMI—The Mile at Coral Gables has won the confidence of investors. Grandbridge Real Estate Capital closed a $24.5 million first mortgage loan for the developer, The Mile at Coral Gables LLC, a joint venture between New York-based Greystone, Alta Developer, and Strategic Properties.
Grandbridge senior vice president Phil Carroll originated the transaction. Grandbridge tapped its banking relationships to secure the three-year interest-only loan but kept the lender's name confidential.
“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,” says Carroll. “This project fits with the area's increasing demand for housing within walking distance of shopping, restaurants and cultural attractions.”
Located at 3622 Southwest 22nd Street, the to-be-built 13-story mixed-use development will offer 3,000 square feet of street level retail and 119-unit luxury apartments. Amenities include a pool, fitness center and a 175-space parking garage.
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