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MG Developer Secures $39 Million for Coral Gables Townhomes
In a strong indication of the booming real estate market in Coral Gables, MG Developer has successfully secured a substantial construction loan of $39 million from Pine Bay Capital to initiate their latest project, The George. This upscale development will consist of 13 two-story townhomes, marking the final phase of the larger Biltmore Square community.
The George is poised to be a premium offering, with prices starting at $5.9 million per unit and projected total sales amounting to approximately $90 million by the time of completion in 2027. Each of these luxurious townhomes will cover over 5,000 square feet, outfitted with four-car garages, elevators, and private outdoor spaces, catering to the high-end lifestyle of potential buyers.
A Continued Push in Coral Gables Development
MG Developer is no stranger to the Coral Gables area, having previously completed notable projects like Biltmore Park and other townhome developments. The partnership with architect De la Guardia Victoria Architects & Urbanists promises to infuse Mediterranean charm into the new designs.
Sales for the townhomes began in September, with the marketing led by notable celebrity broker Ryan Serhant, further highlighting the exclusivity of The George project.
Impacts of Financing on Future Projects
This loan follows a series of significant financing achievements by MG Developer, which includes a recent $105 million loan for the ambitious Metro Parc South multifamily project in Hialeah and a $14.5 million pre-development loan for Alhambra Parc. Such investments underline the developer's commitment to shaping the residential landscape of South Florida and meeting the growing demand for luxury housing.
As the Coral Gables area continues to attract homeowners and investors alike, projects like The George represent not just stunning new residences but also a dynamic shift in what South Florida living has to offer.
Why This Matters to Florida Home Owners
The development of high-end homes such as The George highlights an escalating trend toward luxury living in Florida, particularly as housing demands increase. For homeowners and prospective buyers watching the market closely, these developments come with the hope of improved community infrastructure and increased property values. Staying updated on such projects can provide valuable insights and opportunities in this competitive market.
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