Ascendra Capital and BAM Development secured a $60 million construction loan from Dwight Mortgage Trust to finance Seventeen Gables Residences, a 117-unit condominium project in Coral Gables. The eight-story development will rise at 17th Street and Douglas Road, positioning the property within walking distance of Miracle Mile and the heart of Coral Gables.

The financing was originated by David Scheer and Alex Izso and arranged by Isaac Filler, Steve Edelstein, and Yossi Koschitzki of Filler Capital. The loan will support construction of a mix of one-, two-, and three-bedroom residences, with most units priced under $1 million. The project will include approximately 2,000 square feet of ground-floor retail, along with amenities including a pool, sauna, fitness center, resident lounge, co-working spaces, and assigned on-site parking.

Coral Gables has emerged as a target market for developers seeking to deliver attainably priced condominiums in a walkable, high-amenity setting. The sub-$1 million price point positions Seventeen Gables as an alternative to Brickell's increasingly expensive condo inventory, while still offering access to Miami's core employment centers. The location is less than a 20-minute drive from Brickell, Downtown Miami, and Miami International Airport.

For lenders, the $60 million commitment reflects continued confidence in Coral Gables' residential fundamentals despite rising construction costs and a broader inventory buildup in Miami-Dade County's condo pipeline. The transaction demonstrates that institutional debt capital remains available for well-located projects with credible developer sponsors, particularly in submarkets with demonstrated absorption and limited new supply relative to Brickell or Edgewater.

The financing also signals that developers and lenders are betting on demand for moderately priced condos in established neighborhoods, a segment that has seen limited new supply compared to the luxury and ultra-luxury tiers that dominate Miami's development pipeline.