Coral Gables Apartment Project Secures $81 Million Loan
The 160-unit development in Coral Gables adds to the local residential pipeline as developers leverage institutional financing.
Updated on Oct. 16, 2026 in Construction
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Empira Group has broken ground on a 160-unit residential project in Coral Gables after securing an $81 million construction loan from Pearlmark. The 12-story development, located at 114 Calabria Avenue, is scheduled for completion in 2028.
Why it matters
The financing signals ongoing institutional support for high-density multifamily projects in Coral Gables, a key market for local developers tracking capital availability. This move reflects the continued scale of Empira Group's expansion efforts following their recent financing activity in the Miami region.
The $81 million loan supports a 160-unit residential tower situated on a 1.2-acre site, a decrease from the $111.3 million the developer raised for a Brickell apartment project last year. The project includes 248 parking spaces and a planned 6,000-square-foot public park.
The players
Empira Group
A real estate development firm focused on large-scale urban multifamily projects in South Florida.
Pearlmark
A private equity real estate investment firm that provides debt and equity capital for commercial properties.
Charles Crapse
A broker at CBRE who specializes in arranging complex real estate financing.
Denny St. Romain
A broker at CBRE who manages debt and structured finance for institutional developers.
Behar Font & Partners
An architectural and design firm focused on high-rise residential and mixed-use commercial projects.
The details
The financing, arranged by CBRE brokers Charles Crapse and Denny St. Romain, covers the construction of a 12-story structure designed by Behar Font & Partners. Empira Group acquired the 114 Calabria Avenue site for $18 million in 2025 as part of its strategy to develop urban residential inventory. The project's inclusion of a 6,000-square-foot public park on the western portion of the property aligns with local zoning or site-specific development requirements.
Timeline
2025: Empira Group acquired the property.
April 2025: Empira secured financing for a Brickell apartment tower.
October 16, 2026: Pearlmark provided the construction financing.
2028: The building is expected to be completed.
Market Landscape
The project follows the pattern of dense, high-unit-count residential developments enabled by institutional debt in the Coral Gables core. It mirrors a broader local trend of developers balancing high-cost land acquisitions with large-scale multifamily financing.
Developers should monitor how this financing deal influences local site valuations for upcoming 1-to-2 acre acquisitions. Pay attention to how public-space concessions, such as the 6,000-square-foot park, are impacting the permitting and financial viability of competing residential designs.
The takeaway
Large-scale multifamily projects in urban cores continue to draw institutional capital despite fluctuating debt costs. Operators should track the specific ratios of parking-to-unit counts in upcoming filings as a gauge for how planners are balancing density and land-use requirements in the area.
Further reading
For more on industry shifts, visit the Construction section.
Source note: This article includes information reported by Commercial Observer.
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