$94.2M construction financing secured for Cassia, a luxury condominium in Coral Gables, FL

MIAMI, May. 27, 2025 – JLL Capital Markets worked on behalf of Alta Developers to obtain $94.2 million of construction financing for Cassia – The Residences at Coral Gables.

Cassia – The Residences at Coral Gables, located at 4011 Salzedo St., is strategically positioned adjacent to the Shops at Merrick Park, one of Miami's top-performing luxury shopping destinations anchored by top-tier brands such as Neiman Marcus, Nordstrom and Equinox. The community will offer unparalleled access to high-end retail, fine dining and diverse entertainment options, while benefiting from excellent connectivity to major areas of Miami, including an eight-minute Metrorail ride to Brickell's financial district, a three-minute trip to the University of Miami and convenient access to 105 million square feet of office space within a 45-minute radius.

Coral Gables continues to be one of Miami's most desirable submarkets, with home prices surging 40% year-over-year as of February 2025. The area's acute shortage of available housing and developable land has created strong demand for new luxury residential offerings.

Cassia – The Residences at Coral Gables offers a fully furnished, turnkey living experience with meticulously curated RH furnishings, delivering a unique blend of sophistication and contemporary comfort. The property will encompass 170,141 square feet across 12 stories and feature a mix of one- to three-bedroom residences starting at $800,000. Owners will enjoy the benefit of flexible rental terms, coupled with over an acre of indoor and outdoor amenities—including an exclusive resort-style pool deck, a wellness spa with an indoor pool, dry sauna, steam spa and state-of-the-art fitness studios.

“Cassia is a meaningful addition to Coral Gables, a city celebrated for its rich heritage and continued growth,” said Raimundo Onetto, Principal and CEO of Alta Developers. “We’re proud to contribute to the future of this iconic neighborhood with a development that offers residents a truly elevated living experience.’’

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Brian Gaswirth, Director Jimmy Calvo and Associate Justin Ratcliffe.

"Alta’s execution in design and development, as evidenced both by Cassia and by Alta’s existing projects in Miami, stands as a testament to their visionary approach. Cassia will bring a unique new element to luxury in Coral Gables," said Gaswirth. "We’re thrilled to have worked alongside the Alta team and excited to witness the execution of this incredible development."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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ALTA DEVELOPERS led by Principal and CEO Raimundo Onetto has brought over 4,000 units to the South Florida Market. The Miami- based Development Firm’s portfolio specializes in Residential and Commercial developments with active projects such as Casa Bella by B&B Italia, Alana Bay Harbor Islands, Alta New River, Alta Hollywood, Crest at Pinecrest, Alta 9600 phase II, 250 Bird at Merrick Park, Alta Princeton, EON Squared phase I and phase II, Quadro Miami Design District, Vesta and Neovita Doral, and past projects such as Pacifica Boynton Beach, One Paraiso, Le Parc at Brickell, 900 Biscayne, Quantum on the Bay, and Metropolis at Dadeland. These properties have been ahead of the curve from the start of each project often leading the way for future development in the areas and neighborhoods they occupy. Through advanced aesthetics and technology, Alta Developers develop with a commitment to environmental sustainability and cultural integrity, ensuring a continued stature as landmark properties in a particular destination. To date, this smart, thorough approach to development has led the way to pursue future opportunities in emerging neighborhoods throughout Miami, Fort Lauderdale, Boynton Beach, and beyond.