Bam Lands $60M to Build Condo Development in Coral Gables
Dwight Mortgage Trust provided the construction financing for a 120-unit project
By Julia Echikson February 9, 2026 2:35 pm
reprints
Bam Development and Ascendra Capital nabbed $60 million in construction financing to build a condo development in Coral Gables, Fla.
The debt from Dwight Mortgage Trust covers a 0.9-acre site at 1715 Southwest 37th Avenue, adjacent to Douglas Road, north of the wealthy Miami suburb’s downtown. The eight-story development, called Seventeen Gables Condominium, will house 117 condos, according to a representative for the developers. Amenities will include a rooftop pool, a sauna, a fitness center, a resident lounge and co-working spaces.
The Sunny Isles Beach-based lender added $51.5 million to a $8.5 million acquisition loan issued in 2023, the same year the New York-based developer paid $14.3 million for the land, mortgage documents show. Isaac Filler and Steve Edelstein of Filler Capital brokered the recent debt.
Unlike most luxury condo developments in South Florida, sales will commence in tandem with construction. Seventeen Gables Condominium will be cheaper than most Coral Gables condo projects now under construction, with prices ranging between $600,000 and $1 million, headed by Cervera Real Estate‘s Tensie Forry.
“Capitalization is crucial in this current development marketplace,” David Steinberg of Ascendra Capital said in a statement. “Buyers want to feel comfortable.”
Other Coral Gables condo projects include Allen Morris Company’s 58-unit condo development, for which Bank OZK provided a $133 million loan last month as well as Calta Group’s townhouse project, for which Venezuela-based Banesco supplied a $30 million mortgage last year.
Bam Development has another South Florida development in the pipeline in Fort Lauderdale. In 2024, the city’s commission approved plans for a 257-unit multifamily development in the Flagler Village neighborhood, The Real Deal reported.
Correction: The story was amended to reflect that the new units will be condominiums, not apartments as originally reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
