At a glance
- CBRE's Charles Crapse and Denny St. Romain arranged the financing.
- The 12-story building sits on a 1.2-acre site at 114 Calabria Avenue that Empira bought for $18 million in 2025.
- The $81 million commitment works out to about $506,000 per apartment unit.
Pearlmark has provided an $81 million construction loan to Empira Group for Aurelian, a 160-unit apartment project in Coral Gables, Fla., the Business Journals first reported. CBRE's Charles Crapse and Denny St. Romain arranged the financing.
The 12-story building sits on a 1.2-acre site at 114 Calabria Avenue that Empira bought for $18 million in 2025. Ground broke recently. Completion is expected in 2028. Coral Gables-based Behar Font & Partners designed the project. Amenities include 248 parking spaces, a pool, fitness center, yoga studio, coworking space and a pet grooming station, plus a 6,000-square-foot public park on the western portion of the site.
The $81 million commitment works out to about $506,000 per apartment unit.
The Coral Gables loan comes about 18 months after Empira secured $111.3 million for an apartment tower in Miami's Brickell Financial District. It also comes roughly two weeks after this publication reported that Partners Group and Empira launched a €1 billion closed-end pan-European living fund.
| Item | Detail |
|---|---|
| Lender | Pearlmark |
| Borrower | Empira Group |
| Loan amount | $81 million |
| Project | Aurelian, 12 stories, 160 units |
| Site | 1.2 acres, 114 Calabria Avenue, Coral Gables |
| Land basis | $18 million, acquired 2025 |
| Arranged by | CBRE (Charles Crapse, Denny St. Romain) |
| Expected completion | 2028 |
Reported by the Real estate debt desk from Commercial Observer and The Business Journals. Published . Corrections