Privee Capital Secures $59 Million in Financing for Coral Gables Multifamily Development

Miami Beach-based development firm, Privee Capital, led by managing partner Jonatan Sredni, is set to unveil its ambitious vision for a nine-story marvel on the vibrant canvas of 301-341 Madeira Avenue. Backed by the City National Bank of Florida, Privee has secured the necessary financial support to breathe life into this dynamic project.

With strategic acquisitions totaling approximately $7.5 million spanning from 2013 to 2018, Privee has meticulously laid the groundwork for this transformative endeavor. Spearheaded by Jonatan Sredni and Scott Alcus, the project bears the hallmark of Privee’s commitment to excellence.

The architectural prowess of Behar Font & Partners is poised to redefine the skyline as construction gears up to commence in the second quarter, promising a timely completion by late next year. Drawing from a rich legacy in real estate, Privee’s roots trace back to Erwin Sredni’s ventures in retail, evolving into a formidable force in industrial and multifamily developments.

Not content with merely reshaping Madeira Avenue, Privee’s portfolio boasts notable achievements, such as the successful realization of the Gables Galiano apartment project in Coral Gables. Acquiring the project mid-construction in 2020 for $11.1 million, Privee’s adaptive approach underscores its agility and vision in the competitive real estate landscape.

The burgeoning appetite for construction loans in South Florida mirrors the region’s unwavering momentum, defying national trends. With over $2 billion in recent closures, the tri-county area stands as a beacon of growth and opportunity.

In this vibrant milieu, Oak Row Equities embarks on a monumental journey with a $181 million investment in a 41-story apartment tower at 2600 Biscayne Boulevard, while Apollo Companies and Liberty Base Investments carve their legacy with a $55.6 million endeavor in Dania Beach, heralding the dawn of the 101 Dania Beach mixed-use project.

Coral Gables, ever the epicenter of innovation, sees Constellation Group and the Boschetti Group unveiling plans for an eight-story edifice at 4225 and 4311 Ponce de Leon Boulevard, backed by a $33 million construction loan. Meanwhile, Codina Partners’ $115 million venture at 2601 Salzedo Street promises to elevate the city skyline with an 18-story apartment complex, symbolizing a harmonious blend of tradition and modernity.

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