Constellation Group and The Boschetti Group have secured a $67.5 million construction loan for Cora Merrick Park, a boutique condominium project planned for Coral Gables. The financing will support development of the residential property at 4241 Aurora Street, where the project is set to deliver 74 condominium residences.
The loan was provided by lender BHI. A Miami-based team from Berkadia, led by Scott Wadler and Matt Nihan, arranged the financing on behalf of the sponsors. The capital stack details were not disclosed beyond the construction facility amount, but the transaction underscores lender appetite for well-amenitized residential product in established infill locations.
Construction on Cora Merrick Park began in April and is expected to conclude in 2028. The multi-year build timeline reflects the scale and design ambitions of the project, which is being positioned as a wellness-focused condominium community within Coral Gables.
Cora Merrick Park is designed by architecture firm Arquitectonica. The project emphasizes wellness and environmental quality, incorporating advanced air and water purification systems and a noise-reducing acoustic design. The development plan also calls for the use of non-toxic building and cleaning materials, aligning the property with growing health- and sustainability-oriented preferences among condominium buyers.
Residents will have access to a fitness center that includes a dedicated recovery zone, as well as a spa offering infrared saunas, a steam room, contrast hydrotherapy pools and red-light therapy panels. These features are aimed at providing an integrated wellness experience on site rather than relying on off-property services.
Planned shared spaces extend to a rooftop pool deck and a yoga and meditation area, giving owners additional options for recreation and relaxation. A lobby tearoom is also part of the design program, adding another social and amenity touchpoint within the building.
The project will feature what is described as the first rooftop padel court in Coral Gables, introducing an additional recreational draw to the property. Combined with the building’s suite of wellness amenities, the padel court is intended to differentiate Cora Merrick Park in a competitive for-sale residential market where lifestyle offerings are an important component of buyer decisions.
While specific unit configurations, pricing, and detailed delivery milestones have not been released, the transaction highlights ongoing construction lending activity for condominium product in Coral Gables. The combination of a sizable loan commitment, a recognized design firm and a wellness-oriented amenity package positions Cora Merrick Park as a notable addition to the local residential pipeline.
