Cora Merrick Park Lands $67.5M Construction Loan in Coral Gables

• Constellation Group and The Boschetti Group closed a $67.5M construction loan from BHI for Cora Merrick Park, 74 boutique residences at 4241 Aurora St in Coral Gables' Merrick Park neighborhood
• Berkadia Miami's Scott Wadler and Matt Nihan arranged the financing, part of $1.7B the team has placed in South Florida condo deals over the past 12 months
• Priced from the $900,000s to over $4M for penthouses, Cora is the first and only condo in Florida enrolled in IWBI's WELL for Residential certification program
• Construction began April 2026; delivery is targeted for 2028

What the Construction Financing Means for the Project

Constellation Group and The Boschetti Group have secured a $67.5 million construction loan for Cora Merrick Park, a wellness-focused condominium development located at 4241 Aurora Street in Coral Gables' Merrick Park neighborhood. The financing was provided by BHI and arranged by Berkadia Miami's Scott Wadler and Matt Nihan. The loan represents a major milestone for the project, which broke ground in April and is already under construction. Developers say the financing reflects confidence in both the project and the long-term strength of the Coral Gables residential market, particularly at a time when lenders are being increasingly selective with new construction financing.

What the Development Includes for Residents

Cora Merrick Park will feature 74 residences spread across 13 floor plans ranging from one-bedroom homes to expansive three-bedroom-plus-den penthouses. Prices start in the $900,000s and exceed $4 million for select penthouse residences. Designed by Arquitectonica with interiors by Urban Robot, the condominium will offer 10-foot ceilings, Italkraft kitchens, Sub-Zero and Wolf appliances, designer stone countertops, custom porcelain flooring, spacious walk-in closets, and select residences with large private lanais. The boutique scale of the project is intended to provide a more private residential experience in one of Coral Gables' most supply-constrained neighborhoods, while still offering easy access to shopping, dining, and office destinations.

What Makes Cora Merrick Park Different

The development is centered around wellness and longevity, setting it apart from many traditional luxury condominium projects in South Florida. Cora Merrick Park is the first and only condominium in Florida enrolled in the WELL for residential certification program administered by the International WELL Building Institute. Wellness programming is being overseen by Spanish wellness firm Lamarca Well. The project incorporates advanced air and water purification systems, acoustic design that minimizes noise, non-toxic construction and cleaning materials, and specialized wellness-focused spaces intended to support healthier living. Developers believe this approach aligns with growing demand from buyers seeking homes that prioritize both luxury and overall well-being.

What Amenities Are Planned for the Property

Residents will have access to a collection of wellness and lifestyle amenities that go beyond the typical condominium offering. The building will feature a resort-style rooftop pool deck, yoga and meditation areas, a fitness center with a dedicated recovery zone, and a spa equipped with an infrared sauna, steam room, contrast hydrotherapy pools, and red-light therapy panels. Additional features include a lobby tearoom and what is expected to be the first rooftop padel court in Coral Gables. Outside, an original sculpture by acclaimed Catalan artist Jaume Plensa will anchor a 5,000-square-foot public park that the developers plan to donate to the city.

What the Location Offers Buyers

The project's location places residents directly across from Shops at Merrick Park and within walking distance of downtown Coral Gables and the Metrorail. The transit connectivity provides convenient access to Coconut Grove, the University of Miami, Downtown Miami, and Brickell. Cora Merrick Park is also located one block from 4225 Ponce, the recently completed Class A office building developed by Constellation Group and The Boschetti Group and anchored by UBS.

What the Loan Says About South Florida's Condo Market

The financing highlights continued lender appetite for condominium developments backed by experienced sponsors and located in high-demand neighborhoods. According to Berkadia, Scott Wadler and Matt Nihan have secured more than $680 million in land acquisition, construction, and condo inventory financing across South Florida during 2026 alone, and more than $1.7 billion over the past 12 months. With construction underway and delivery expected in 2028, Cora Merrick Park joins a limited pipeline of new condominium projects currently moving forward in Coral Gables, a market where new supply remains relatively constrained compared to other parts of South Florida.