Pearlmark Lends $81M to Empira for Coral Gables' Aurelian

Pearlmark has closed an $81 million construction loan for Empira Group’s Aurelian, a 160-unit Class A multifamily tower in Coral Gables, with CBRE arranging the debt.

Why it matters

This answers the question we left open in August: who is funding the tower. A named institutional construction lender and an active build turn The Aurelian from a planned project into a financed one, in a submarket where Empira says supply is tight and demand for quality housing keeps running. For South Florida developers, it is also a data point that construction debt is available for well-located rental product in Coral Gables.

The numbers

The loan is $81 million against a 160-unit, 12-story building of one- and two-bedroom apartments. The garage holds 248 parking spaces with EV charging. The site covers two corners of a residential block less than a mile from Miracle Mile, and Behar Font designed the building. Amenities include a resort-style pool, a fitness center with a yoga studio, a co-working area, an entertaining lounge and a pet grooming suite. A 6,000-square-foot public park with a children’s play area goes on the west side of the site.

Empira Group is the owner and developer; its acquisitions team led the deal. Pearlmark is the lender, and CBRE’s capital markets team arranged the loan. Ortega Construction is the general contractor. Empira’s Managing Director of Acquisitions said the closing builds on momentum from two other active multifamily projects in Miami.

What’s next

Construction is underway with completion slated for 2028. Our August coverage listed 161 units and an East Ponce de Leon Boulevard address; the financing announcement cites 160 units and 114 Calabria Avenue, so watch the recorded mortgage and permit filings to confirm the final unit count and parcel.