Ascendra Capital and BAM Development have secured a $60 million construction loan from Dwight Mortgage Trust for Seventeen Gables Condominium, a planned eight-story, 117-unit project at 1715 Southwest 27th Avenue on Douglas Road in Miami.

The financing was arranged by Isaac Filler and Steve Edelstein of the Filler Capital team, who represented the borrowers. David Scheer and Alex Izso of Dwight Mortgage originated the loan. Construction is expected to start immediately, with completion slated for 2027. The building will feature one- to three-bedroom condos, 178 parking spaces and 2,000 square feet of ground-floor retail. Tensie Forry of Cervera Real Estate is leading sales, with asking prices starting under $700,000.

The project marks a pivot for the site. An entity led by Mayer Berkovits of BAM paid $14.3 million for the 0.9-acre development parcel in 2023, assuming the seller's $4 million loan and subsequently increasing it to $8.5 million with S III Capital Partners as the lender. Dwight Mortgage assumed that debt this month and increased the commitment to $60 million. BAM had originally planned an eight-story, 120-unit apartment building for the site before shifting to a for-sale condo product.

The decision to convert from rental to condo reflects a calculation that buyer demand at the sub-$700,000 price point remains strong enough to justify the added complexity of a for-sale project. The Douglas Road corridor has seen increasing development activity, and the relatively modest unit count positions Seventeen Gables as an attainable alternative to the larger luxury towers rising in nearby Brickell and Coral Gables.

For the broader market, the loan signals that construction lenders are still willing to back mid-rise condo developments in Miami despite elevated interest rates, particularly when projects target a price point with depth of demand. Sales are expected to commence once construction begins.