Privee Capital Raises $59M to Build Coral Gables Rental
By Julia Echikson March 18, 2024 11:41 am
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Privee Capital secured a $59 million construction loan for a multifamily complex near Downtown Coral Gables, Fla., property records show.
The debt from City National Bank of Florida will go toward building a nine-story development between 301 and 335 Madeira Avenue with 144 units, including nine as brownstone-like, ground-floor live and work units, and 227 parking spots.
The fourth floor of the 301,597-square-foot project, designed by Behar Font & Partners, will house an amenity deck with a pool, gym and lounge.
The borrowers are Erwin and Issac Sredni, executives at Miami-based Privee Capital, as well as Jacobo Azout, a managing partner at Elion, a Miami-based private equity firm that typically invests in industrial assets.
Construction is expected to begin in May and is scheduled for completion in 2026, Scott P. Alcus, managing partner at Privee Capital, told Commercial Observer.
Privee Capital purchased the 1.45-acre site for $1.8 million in 2013, according to property records. The land, which sits adjacent to Salzedo Street, a block west of Ponce de Leon, holds three two-story residential buildings.
Coral Gables, a wealthy Miami suburb, remains popular for residential development.
In December, MG Developer paid $11.5 million for a site at 741 Valencia Avenue, where it’s planning to build a residential project. A month prior, Codina Partners raised $115 million from Goldman Sachs to build a luxury rental project at 2601 Salzedo Street.
In 2020, Privee Capital completed a 27-unit rental development at 1091 Galiano Street.
Julia Echikson can be reached at jechikson@commercialobserver.com.
