Ascendra Capital and BAM Development have secured a $60 million construction loan for their Seventeen Gables Condominium project in Miami. The eight-story building, which will include 117 units, is planned for 1715 Southwest 27th Avenue/Douglas Road. Dwight Mortgage Trust, a real estate investment trust affiliated with New York-based Dwight Capital, provided the financing.
The Filler Capital team, including Isaac Filler and Steve Edelstein, represented the borrowers in the deal. David Scheer and Alex Izso from Dwight Mortgage originated the loan. According to the lender’s statement, construction will begin immediately and is expected to finish next year. The development will feature one- to three-bedroom condos, 178 parking spaces, and 2,000 square feet of ground-floor retail space.
Sales are set to launch as soon as construction starts. Tensie Forry of Cervera Real Estate will lead sales efforts. Initial asking prices are expected to be below $700,000.
BAM previously acquired the 0.9-acre site in 2023 for $14.3 million through an entity led by Mayer Berkovits. The transaction involved assuming a $4 million loan on the property and increasing it to $8.5 million with S III Capital Partners as lender; that debt was later reassigned before Dwight Mortgage assumed it this month and increased it to $60 million.
The current condo plan represents a shift from BAM’s original intention to build an eight-story apartment building with 120 units at the site.
David Steinberg leads Ascendra Capital.
The area near Coral Gables has seen several new high-end condominium projects recently financed or launched by developers:
– Allen Morris Company secured a $132.5 million loan last month for its Ponce Park project at 3000 Ponce de Leon Boulevard.
– Alta Developers obtained a $94.2 million loan in May for Cassia – The Residences at Coral Gables at 4011 Salzedo Street.
– Constellation Group and Boschetti Group shifted their project at 4241 Aurora Street from apartments to condos last year; sales started with prices beginning at $950,000.
