Ascendra Capital and BAM Development have secured a $60 million construction loan to build Seventeen Gables Condominium, an eight-story residential building planned for 1715 Southwest 27th Avenue in Miami. The financing was provided by Dwight Mortgage Trust, according to the lender.
The project will feature 117 condominium units with options ranging from one to three bedrooms. Plans also include 178 parking spaces and approximately 2,000 square feet of ground-floor retail space. Construction is set to begin immediately and is expected to be completed next year.
Sales for the units are scheduled to start as soon as construction commences, with prices starting below $700,000. Tensie Forry of Cervera Real Estate will lead sales efforts.
Mayer Berkovits of BAM led the acquisition of the development site in 2023 for $14.3 million. At that time, the seller’s existing $4 million loan on the property was increased to $8.5 million with S III Capital Partners as lender. This debt was later reassigned before Dwight Mortgage Trust assumed it this month and increased it to $60 million.
Dwight Mortgage Trust operates as a real estate investment trust affiliated with New York-based Dwight Capital.
Originally, BAM had planned an eight-story apartment building with 120 units for the site. Mayer Berkovits said at the time of purchase that this plan has since shifted toward condominiums.
David Steinberg leads Ascendra Capital.
The area near Coral Gables has seen increased interest from developers planning high-end condominium projects. Last month, Allen Morris Company obtained a $132.5 million loan for its Ponce Park condo development at 3000 Ponce de Leon Boulevard in Coral Gables. Alta Developers is working on Cassia – The Residences at Coral Gables, a 174-unit project at 4011 Salzedo Street that received a $94.2 million construction loan in May.
In addition, Constellation Group and Boschetti Group converted their previous apartment project plans into condos last year and launched sales for Cora—a 13-story building offering 74 units at prices starting at $950,000—at 4241 Aurora Street.
