FORT LAUDERDALE, FL-Locally based Weitzer Communities has received a $20.5-million loan for Valencia Grande, a five-story condominium development at 650 Valencia Ave in Coral Gables. Jim Rosewater, a partner with Weitzer, says the loan will cover the total costs associated with the development, including construction, land acquisition and soft costs.

Construction on the project began earlier this year. "We're working on the first elevated deck right now," Rosewater says. The loan was issued by Trenton-based Yardvile National Bank.

Valencia Grande will consist of 32 residences. The units will either have two bedrooms with den and three baths or three bedrooms and three baths. Prices start from the $800,000s. A sales center is located at 1940 Ponce de Leon Blvd. Among features of the project are 10-ft ceilings, private balcony terraces, advanced technology pre-wiring and controlled access to a private parking garage.

"Weitzer Communities is known for its professionalism and strong business relationships within the South Florida community," says Yardvile National Bank senior lending officer John Samborski, in a prepared statement. "We immediately recognized that they know what they're doing and have a comprehensive grasp on the Coral Gables market."

In addition to Valencia Grande, Weitzer is developing two other condominium projects in Coral Gables. Villa Alhambra is a four-story, 36-unit complex at 32-50 Alhambra Circle and Villa Zamora is a five-story, 38-unit complex at 118 Zamora Ave. The company is also developing Tao, which will contain 396 units in two, 26-story towers in Sunrise.