JLL Secures $21.5M Construction Loan for MMG Equity Partners' Coral Nest Mixed-Use Development in Miami's West Kendall
JLL Capital Markets has arranged a $21.5 million construction loan for MMG Equity Partners' Coral Nest development, a mixed-use project combining 38 for-sale townhomes with three retail outparcels in Miami's West Kendall submarket, the firm announced Sept. 2, 2026. Seacoast Bank provided the financing.
Project Overview: Retail and Residential on 6.5 Acres
Coral Nest is situated on a 6.5-acre site at the northwest corner of Southwest 144th Avenue and Southwest 26th Street — known locally as Coral Way — in West Kendall, an unincorporated area of Miami-Dade County. The development divides the site between 3.5 acres of retail fronting Coral Way and three acres of residential at the rear.
The retail component encompasses 24,536 square feet across three outparcels. MMG Equity Partners has confirmed Aldi and PNC Bank as committed users of the commercial land, with a third tenant to be announced. The residential component consists of 38 two-story townhomes offering three- and four-bedroom floorplans ranging from 1,615 to 1,826 square feet of living area. Each home will feature impact windows and doors, designer kitchens with upscale appliances, and contemporary finishes.
MMG Equity Partners has partnered with C4 Legacy Builders Group, led by Pedro Hernandez, to develop the residential component. C4 Legacy Builders Group brings more than 25 years of experience in single-family and multifamily residential construction, as well as mixed-use projects.
The site is bounded on multiple sides by existing single-family homes, giving Coral Nest an infill character. The surrounding competitive landscape for townhomes is defined by older product with an average vintage of 2004, with minimal new supply delivered over the past 15 years, according to JLL.
Timeline, Presales, and Delivery Sequencing
Construction is estimated to be completed by October 2027. MMG Equity Partners plans to deliver the commercial land to Aldi and PNC Bank in the first quarter of 2027 — ahead of full residential completion — a sequencing that positions the retail pads for buildout before the townhome community is fully occupied.
The project is already generating buyer interest. MMG reported that Coral Nest is 25 percent pre-sold on the townhomes after three weeks of sales activity, representing roughly nine to ten units under contract out of 38.
"We're excited to achieve this critical milestone for Coral Nest and look forward to delivering a quality project to the West Kendall neighborhood," said Marcos Puente, partner at MMG Equity Partners. "We're 25 percent pre-sold on the townhomes after having kicked off sales three weeks ago, and construction is estimated to be completed by October 2027. We will be delivering the commercial land to Aldi and PNC Bank in the first quarter of 2027, with a third tenant to be announced shortly."
Location Drivers and Demand Fundamentals
West Kendall's proximity to major employment centers underpins the project's demand thesis. Florida International University, with approximately 55,000 students and 10,000 employees, is nearby, as is HCA Florida Kendall Hospital with 1,800 employees and Dolphin Mall's 1.4 million square feet of retail space. Average household income within a one-mile radius of Coral Nest is $155,062, according to JLL.
West Kendall's median listing price stood at approximately $757,500 as of March 2026, at $336 per square foot, with a limited pool of active listings — conditions that reflect constrained for-sale inventory across the submarket. The combination of investment-grade retail tenants and new construction townhomes in a supply-constrained market formed the basis of the financing rationale.
"This project represents a unique opportunity in the Miami market, combining the stability of investment-grade retail tenants with the strong demand for new construction for-sale townhomes in West Kendall," said Chris Drew, senior managing director at JLL Capital Markets. "The loan facility will allow MMG the ability to capitalize on the significant supply and demand imbalance of new housing in Miami while creating flexibility in delivering a new grocer and supporting retail to the neighborhood."
JLL Capital Markets Debt Advisory Team
JLL Capital Markets' debt advisory team representing MMG Equity Partners was led by Senior Managing Directors Chris Drew and Brian Gaswirth, along with Associate Michael Romero.
The 6.5-acre Coral Nest site previously traded for $7.5 million, or approximately $26.19 per square foot of land. Combined with the $21.5 million construction facility, the known capital deployed into the project — land acquisition and construction debt — totals roughly $29 million before equity and soft costs.
Seacoast Bank provided the construction loan. JLL Capital Markets operates globally with more than 3,000 specialists in offices across nearly 50 countries, offering debt advisory, investment sales, equity placement, and related capital markets services.
MMG Equity Partners is a privately owned real estate investment company focused on commercial property ownership, management, development, and acquisition in Florida. The firm is also the sole owner and developer of Tamarack Resort, a four-season ski resort master planned for 2,200 residential units in Idaho.
Sources: JLL Newsroom