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<\/p>\nEmpira Group has secured $81 million in construction financing for The Aurelian, a 12-story, 160-unit multifamily development under construction at 114 Calabria Avenue in Coral Gables, Florida. The loan was provided by Pearlmark and arranged by CBRE. Designed by Behar Font, the Class A rental development is being built by Ortega Construction and is scheduled for completion in 2028.<\/p>\n
The financing transaction was arranged by CBRE\u2019s Charles Crapse and Denny St. Germain, with Steve Gordon representing Pearlmark. Empira Group\u2019s project team includes Branko Kuzmanovic, Managing Director of Acquisitions; Michael Marrero, Managing Director of Development; and Maximilian Haecker, Head of Investments U.S.<\/p>\n
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Credit: Empira Group<\/p>\n
Located less than one mile from Miracle Mile, The Aurelian occupies two corners of a residential block with views toward Downtown Coral Gables and Brickell. The development\u2019s architectural design by Behar Font draws from the surrounding character of Coral Gables and incorporates residential, amenity, and public spaces.<\/p>\n
The 12-story building will contain a mix of one- and two-bedroom rental apartments, along with a private parking garage accommodating 248 vehicles and electric vehicle charging capabilities. Residential amenities will include an outdoor swimming pool, fitness center with a dedicated yoga studio, coworking area, resident lounge, and pet grooming suite.<\/p>\n
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Credit: Empira Group<\/p>\n
A 6,000-square-foot public park is also planned along the western side of the property. The park will feature a children\u2019s play area and provide outdoor recreational space accessible to the surrounding community.<\/p>\n
Branko Kuzmanovic, Managing Director of Acquisitions, commented on the financing:<\/p>\n
\u201cWe\u2019re proud to announce the successful closing of financing for The Aurelian, building on the momentum of two additional active multifamily projects in Miami. The project meets the Coral Gables submarket\u2019s tight supply and strong, continued demand for quality housing with a well-located, connected addition to the community.\u201d<\/p>\n
Michael Marrero, Managing Director of Development, added:<\/p>\n
\u201cClosing our construction loan is a significant milestone that validates our vision for The Aurelian. With construction well underway, we are thrilled to maintain this strong momentum as we bring to life our first project in the City of Coral Gables.\u201d<\/p>\n
Maximilian Haecker, Head of Investments U.S., also commented:<\/p>\n
\u201cThe city\u2019s strong fundamentals, high standards of living and distinctive character make it a natural extension of our growing presence in the U.S. The Aurelian reflects our continued conviction in the South Florida region and our strategy of developing high-quality residential communities in locations with strong long-term demand.\u201d<\/p>\n
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