The debt & equity team headed by Jeffrey Donnelly and Dmitry Levkov represented Coral Gables-based MG Developer and New York-based Baron Property Group in arranging the financing
Colliers Debt & Equity’s Jeffrey Donnelly and Dmitry Levkov have closed the initial funding of a $24mm debt tranche, and $13mm equity financing of a $204mm luxury multifamily development in Miami, Florida – on the edge of the city line with Coral Gables – a small city adjacent to Miami which is known for its tree-lined boulevards, ivy-covered mansions and historical landmarks such as the world-famous Biltmore Hotel and the Venetian Pool, as well as being home to the University of Miami.
The project, Merrick Parc, is comprised of an entire city block bounded by Shipping Avenue, SW 39th Avenue, Orange Street, and SW 38th Court. The project is within the Miami city limits, but mere feet from the Coral Gables municipal border, and sits in the shadow of the renowned luxury shopping mall, The Shops at Merrick Park, which is anchored by Neiman Marcus, Nordstrom, and Equinox Fitness.
Colliers’ client, MG Developer, based in Coral Gables, Florida, has established a reputation as perhaps the most well-known and respected developer of Coral Gables’ finest luxury properties, including Biltmore Parc, Beatrice Row, and several very large mansion properties.
Colliers’ other client, Baron Property Group, based in New York, has a 20-year track record of developing luxury high-rise, multifamily, condo, and hotel properties in New York City and in California.
Colliers’ Executive Director Jeffrey Donnelly, commented, “Merrick Parc is a beautifully designed, two-tower project that will offer residents walkability to all of the best shopping and dining of Coral Gables. Because the site sits technically within Miami city limits, our clients were able to achieve compelling density and economies of scale that are not reachable in Coral Gables. This is a unique, high-rise luxury tower, highly amentized, that immediately differentiates itself from the mid-rise and low-rise opportunities in Coral Gables.”
Colliers’ Executive Director, Dmitry Levkov, commented further, “We have financed MG Developer on a number of projects. They are perhaps the most well-known and highly regarded condo and townhome developer in Coral Gables. We paired them with another good client of ours, Baron Property Group, who was able to enhance the sponsorship profile by bringing significant high-rise development experience, as well as multifamily asset class experience. Each of the partners, even separately and independently of each other, are very desirable and bankable sponsors. Together, they constitute a dynamic, superstar sponsorship partnership.”
The initial land acquisition debt financing was provided by New York-based S3 Capital. S3 is a leading national lender providing bridge, construction and transitional capital to well established sponsors in top tier markets. The pre-development equity was provided by a California-based private equity firm.
Donnelly added, “Our clients, MG Developer, have established a reputation as creative and savvy acquirers of prime development sites throughout the greater Miami area. Merrick Parc is a repeat of a scenario we have seen MG be successful on in the past. It was originally a half block development, which also worked fine. But MG Developer spent the time, effort, energy, and relationship capital to pair their original site with the enormously accretive second half of the block. We are financing MG Developer on two other whole block developments in Coral Cables, and another even larger project in Hialeah. All three of those other projects were similarly sewn together with the same patience and creativity.”
The Donnelly/Levkov Team is part of Colliers New York Capital Markets division. The team’s focus is on debt and equity solutions for real estate properties and projects across all asset classes - throughout the entire United States, as well as internationally. The Donnelly/Levkov Team is currently financing projects in New York City, Miami, Coral Gables, Fort Lauderdale, Orlando, Palm Bay, Nashville, Dallas, North Padre Island, Chicago, and the Bahamas.
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