Gables Residential lands $56M loan to build apartment tower

Atlanta-based Gables Residential has closed on a $56 million construction loan for a development site it owns in Coral Gables. Miami-Dade County records show an affiliate of the multifamily development and management company took the mortgage out on 100 Alhambra Circle, three parcels on the corner of Alhambra Circle and Minorca Avenue. U.S. Bank National Association is the lender.

Gables Residential is planning a 200-unit apartment tower on the nearly 36,000-square-foot site. David Reece, senior vice president of the company’s Finance and Capital Markets division, would not comment on the project’s details, but said that construction has not yet started. Joe Wilber, head of property development, could not immediately be reached for comment. The firm paid a combined $6.22 million for the lots in 2014, property records show. Reece said the planned development marks the third for Gables Residential in Coral Gables. The firm also developed Gables Ponce, a 367-unit luxury apartment complex with retail on Ponce de Leon Boulevard and Le Jeune Road. The city of Coral Gables will soon break ground on a $20 million streetscape project for Miracle Mile and Giralda Avenue. It calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas. Downtown Coral Gables is in midst of a transformation. The city has 40 projects, 2,700 residential units, 1.5 million square feet of office space and 740 hotel rooms in the pipeline, according to a city meeting in October. In December, a Class A office complex sold for about $119 million. A Deutsche Asset & Wealth Management fund bought the two towers called the Alhambra, at 2 Alhambra Plaza, on behalf of an overseas institutional investor.

Original content The Real Deal