Seventeen Gables Condominium Secures $60 Million Construction Loan

Douglas Road-located condos will be priced from the mid-$600's; Dwight Mortgage Trust provided the financing for the project slated for immediate construction

Published on Feb. 10, 2026

Got story updates? Submit your updates here. ›

BAM Development and Ascendra Capital, partners in Seventeen Gables Condominium, announced that they had secured a $60 million construction loan for the project, which is located at 1715 Douglas Road. The 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 all with Filler Capital on behalf of the borrower.

Why it matters

The 117-unit community is a rarity for any new development in or around Coral Gables, with most residences priced under $1 million. The project's location on 17th St. and Douglas Road is idyllic, within walking distance of Miracle Mile and all of Coral Gables' offerings, as well as within a 20-minute drive to the Brickell/Downtown corridor, and even less to Miami International Airport.

The details

The project will include a mix of one-, two- and three-bedroom residences. The amenity-rich project in includes a fitness center, sauna, pool, resident lounge, co-working spaces, assigned parking and ground-floor retail. Cervera Real Estate is the exclusive sales and marketing residential real estate broker. Acclaimed designer Karen Asprea, who has offices in Coral Gables and New York City will be managing the interior design of Seventeen Gables.

  • The loan was provided on February 10, 2026.

The players

BAM Development

A real estate development company partnering on the Seventeen Gables Condominium project.

Ascendra Capital

A real estate investment firm 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.

David Scheer

An executive at Dwight Capital who originated the $60 million construction loan for the Seventeen Gables Condominium project.

Alex Izso

An executive at Dwight Capital who originated the $60 million construction loan for the Seventeen Gables Condominium project.

Got photos? Submit your photos here. ›

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 (EINPresswire.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 (EINPresswire.com)

“The developers are bringing New York sensibility to Seventeen Gables. Construction will be under way 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 (EINPresswire.com)

What’s next

The developers plan to begin construction immediately, concurrent with starting their sales efforts for the Seventeen Gables Condominium project.

The takeaway

The Seventeen Gables Condominium project represents a rare new development opportunity in the Coral Gables area, with most residences priced under $1 million and amenities that cater to a discerning buyer base. The project's strategic location and the developers' confidence in the product suggest it could be a significant addition to the local real estate market.