Baron Property Group Secures $30M in Financing for Merrick Parc in Miami

• Baron Property Group and LargaVista Companies secured $30M in pre-development financing from Knighthead Funding for Merrick Parc at 3898 Shipping Ave, Coral Gables.
• Two 32-story towers, 806 total units (415 in Phase 1, 391 in Phase 2), plus 16,750 SF of retail, nearly double the scale of the original 2022 plans.
• 101 of the units are designated workforce housing for households earning 60 to 140% of Coral Gables' area median income ($87,200 as of May 2025).
• The deal marks the third collaboration between BPG and LargaVista, building on joint projects in Long Island City and Washington Heights.

Baron Bets Big on Coral Gables

Baron Property Group has been quietly assembling one of the more ambitious pipelines in South Florida multifamily, and Merrick Parc just got a meaningful push forward. The New York and Miami-based developer, led by founder and president Matthew Baron, closed a $30 million land loan refinancing and pre-development loan from Knighthead Funding for the 806-unit mixed-use project at 3898 Shipping Avenue in Coral Gables, adjacent to the Shops at Merrick Park.

The announcement also brings a new name into the project: New York-based LargaVista Companies, a second-generation real estate firm led by CEO Marcello Porcelli, is joining as a development partner. The two firms have worked together before — on 30-25 Queens Boulevard in Long Island City and The Park Overture in Washington Heights — making Merrick Parc their third joint venture.

The loan was arranged by Ayush Kapahi, Principal and Founding Partner of HKS Real Estate Advisors, who represented all parties.

"Securing this pre-development financing represents an important milestone for Merrick Parc and a strong endorsement of our plans for the site," Baron said. "With the support of Knighthead Funding and the addition of LargaVista as a partner, we are well-positioned to advance pre-development efforts and move into the next phase."

A Project That Has Grown with the Market

When Merrick Parc first surfaced in 2022, BPG was planning two 20-story towers with about 450 units. The updated program is meaningfully larger: two 32-story towers, 806 apartments ranging from studios to three-bedrooms, 16,750 square feet of retail, 13,065 square feet of open-air space, and 819 parking spots in a multi-level podium all on a 2.58-acre site. The rezoning approvals are already secured.

The $30M Knighthead loan follows a $21 million financing round in 2024, putting total pre-development capital raised north of $50 million before vertical construction begins.

Of the 806 units, 101 will be designated workforce housing for households earning between 60% and 140% of the area median income, a threshold that in the greater Miami market translated to incomes of up to about $122,000 as of last year. The remaining units will be market-rate rentals. One-bedroom apartments in Coral Gables currently average roughly $3,900 per month; two-bedrooms push toward $4,800, according to market data.

The Location Case

The site's adjacency to the Shops at Merrick Park, Coral Gables' premier open-air retail center, anchored by Neiman Marcus and Nordstrom, and its proximity to the Douglas Road Metrorail station give it a transit-and-retail double that is rare for this submarket. Coral Gables sits between Coconut Grove and the University of Miami, a corridor that has attracted consistent residential demand without the new supply of Brickell or Wynwood.

"The prime Coral Gables location, along with Knighthead Funding's financing and our vision for the site, sets the stage for continued progress," Porcelli said.

BPG's broader Miami play extends well north of Coral Gables: the firm is co-developing Metro Center in Hialeah, a $600 million mixed-use project spanning nearly 2.3 million square feet. Last year, BPG secured a $206 million construction loan for Metro Parc North, a 559-unit transit-oriented development also in Hialeah. Across its New York and Miami portfolio, BPG now has roughly 3,600 units in its pipeline with a total value exceeding $2 billion.

What's Next

With rezoning complete and pre-development financing in place, BPG and LargaVista will advance design and engineering work toward a construction loan and groundbreaking. Phase 1, targeting 415 units, is the next milestone to watch.