MG Developer, led by Alirio Torrealba, hosted an immersive panel and cocktail event, which explored capital markets and real estate development in South Florida at the stunning “The Village at Coral Gables” gallery.
The engaging panel featured keynote speakers Catie Naranjo, Chief Development Officer at MG Developer, Scott Wadler, Managing Director at Berkadia, Melissa Tapanes, partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus, Founder of PROFILEmiami.
Panelists talked about their respective capital markets environment and eco-system and shared specific obstacles and challenges behind financing projects in today’s rapidly evolving market. They also shed light on the process developers take to obtain financing, as well as what lenders are looking for when financing developments and the legal parameters that could impact the financing process.
“It is challenging right now from start to finish. A developer handles everything from site selection to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible, and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.
“Cost of construction has gone up, insurance costs are up, interest rates, cost of capital, both on the debt and equity side, almost everything has ticked up. Luckily in Florida rents and property values have kept pace with the increased costs,” said Catie Naranjo, CDO at MG Developer.
“As the market ages and moves, it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team,” said Ayush Kapahi of HKS.
The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, among many other notable guests. After the panel discussion, attendees enjoyed a cocktail reception with passed hors d’oeuvres provided by Zucca, Coral Gables’ finest dining restaurant and bar.
Earlier in July, MG Developer, led by Alirio Torrealba, announced it secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected to take place in the third quarter of 2023 and will be completed by the end of 2025.
Exclusively sold by One Sotheby’s International Realty, The Village at Coral Gables, is a new 48-luxury residence enclave, spread amongst an expansive 17-lot area bordered by Malaga Avenue, Santander Avenue, Segovia Street and Hernando Street. When completed in the 4th quarter of 2024, it will comprise townhomes, villas, lofts, and flats that range in size, from 1,750 square feet to 3,100 square feet. Inspired by George Merrick’s Seven Villages, The Village at Coral Gables, will be built in a Mediterranean Revival-Style Architecture, designed by De La Guardia Victoria Architects & Urbanists.
For more information, please visit www.MGDeveloperMiami.com.
About MG Developer
MG Developer is a residential property development company based in Coral Gables, Florida. Led by Alirio Torrealba, the firm is a subsidiary of MG Capital, and provides and implements a comprehensive array of real estate-oriented services, from concept creation and property site selection to project advancement. As a member of the Coral Gables community, MG Developer is committed to the beautification of the city and supports its Art in Public Places program, recently commissioning an original stone sculpture at Balboa Plaza called “A Midsummer Night’s Dream.” The firm is an advocate of public exhibitions throughout Coral Gables that enhance the area’s unique lifestyle and design and is also a proponent of philanthropic efforts and organizations that elevate the city’s standard of living, including the Coral Gables Community Foundation and FundaHigado.
