Coral Gables, FL $13,500,000 ~1.12 Acre Development Site Acquisition

Knighthead provided a $13,500,000 first mortgage acquisition loan secured by ~1.12 acres with 5 multi-family properties on an entire block in the heart of Coral Gables, FL. The loan was underwritten to an ~68% “As-Is” value. The future plan is to redevelop the property with ~143,488 SF newly constructed building comprised of 68 luxury condominium units, 137 parking spaces, and ~12,701 SF of ground-floor retail.