Constellation Group and The Boschetti Group secured a $67.5 million construction loan from BHI to build Cora Merrick Park, a 74-unit boutique condominium in Coral Gables, Florida. The development sits at 4241 Aurora Street, approximately six miles southwest of downtown Miami.
The project targets the luxury residential market in one of South Florida's most established neighborhoods. Coral Gables has maintained strong price appreciation over the past decade, attracting both owner-occupants and investors seeking premium finishes and walkable urban environments.
For buyers, Cora Merrick Park represents another boutique option in a market increasingly dominated by larger, standardized developments. Boutique projects typically offer fewer units, custom design details, and tighter community feeling than mega-towers. Pricing details remain undisclosed, but Coral Gables condos typically command $800,000 to $3 million-plus per unit depending on size and finishes.
The financing structure reveals healthy lender appetite for well-capitalized developers in South Florida's condo market. BHI's willingness to fund the full construction loan signals confidence in both the project fundamentals and the developer track records of Constellation and Boschetti. Construction loans typically cover hard costs and carry higher interest rates than permanent financing.
For the market broadly, this deal reflects continued institutional capital flowing into Miami-area residential development despite broader economic headwinds. Developers with proven execution and sufficient equity backing remain able to access construction financing at reasonable terms.
Existing condo owners in Coral Gables may see modest upward pressure on comparable prices as new supply enters a market where inventory remains relatively constrained. Renters in the area will continue facing limited options as development increasingly focuses on ownership units rather than rental apartments.
The project timeline remains unclear, but construction lending closures