Seventeen Gables Condominium secures $60M construction loan

New 117-unit community in Coral Gables to begin sales and construction

Published on Feb. 23, 2026

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BAM Development and Ascendra Capital, partners in the Seventeen Gables Condominium project, have secured a $60 million construction loan from Dwight Mortgage Trust. The 117-unit community located at 1715 Douglas Rd. in Coral Gables will feature a mix of one-, two-, and three-bedroom residences, with most priced under $1 million. The project will include amenities such as a rooftop pool, sauna, fitness center, resident lounge, co-working spaces, and ground-floor retail.

Why it matters

The Seventeen Gables Condominium project is a rare new development in the Coral Gables area, where most new residential construction has been out of reach for many buyers. The securing of the $60 million construction loan allows the developers to move forward with the project, which they hope will provide more affordable housing options in the sought-after Coral Gables neighborhood.

The details

The $60 million construction loan was provided by Dwight Mortgage Trust and originated by David Scheer and Alex Izso of Dwight Capital, and arranged by Isaac Filler, Steve Edelstein and Yossi Koschitzki of Filler Capital on behalf of the borrower. The developers, BAM Development and Ascendra Capital, plan to begin construction immediately, concurrent with starting the sales process for the 117 units. The project will include a mix of one-, two-, and three-bedroom residences, with most priced under $1 million. Amenities will include a rooftop pool, sauna, fitness center, resident lounge, co-working spaces, assigned parking, and ground-floor retail.

  • The $60 million construction loan was secured on February 23, 2026.

The players

BAM Development

A development company partnering on the Seventeen Gables Condominium project.

Ascendra Capital

A development company partnering on the Seventeen Gables Condominium project.

Dwight Mortgage Trust

The lender that provided the $60 million construction loan for the Seventeen Gables Condominium project.

Cervera Real Estate

The exclusive sales and marketing residential real estate broker for the Seventeen Gables Condominium project.

Karen Asprea

The acclaimed designer managing the interior design of the Seventeen Gables Condominium project.

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What they’re saying

“Our goal is to begin construction immediately, concurrent with starting our sales efforts. We are extremely confident that this is the right project in the right location.”

— Mayer Berkovits, with BAM Developers (communitynewspapers.com)

“Capitalization is crucial in this current development environment. Buyers need to feel comfortable that the buildings in which they are purchasing will come to fruition and do so in a timely manner.”

— David Steinberg, of Ascendra Capital (communitynewspapers.com)

“The developers are bringing New York sensibility to Seventeen Gables. Construction will be underway concurrent with the onset of the sales process, which speaks to their confidence in the product.”

— Jesse Ottley, president of Development Sales for Cervera Real Estate (communitynewspapers.com)

What’s next

The developers plan to begin construction on the Seventeen Gables Condominium project immediately, concurrent with starting the sales process for the 117 units.

The takeaway

The Seventeen Gables Condominium project represents a rare new development opportunity in the desirable Coral Gables neighborhood, providing more affordable housing options for buyers with the securing of a $60 million construction loan.