Empira Secures $81M Construction Loan for 160-Unit Coral Gables Apartment Project

• Empira Group secured $81 million in construction financing from Pearlmark for The Aurelian, a luxury apartment development in Coral Gables.
• The 12-story project will deliver 160 apartments, 248 parking spaces and a 6,000-square-foot public park.
• Construction is underway at 11de4 Calabria Avenue, with completion targeted for 2028.

What Empira Is Building

Empira Group is advancing The Aurelian, a Class A multifamily development near Coral Gables’ Miracle Mile. The project occupies approximately 1.2 acres across two corners of a residential block, with views toward Downtown Coral Gables and Brickell.

Designed by Behar Font & Partners, the 12-story building will feature one- and two-bedroom apartments, oversized balconies and architecture intended to complement Coral Gables’ established character. 

What The $81 Million Loan Covers

Pearlmark provided the $81 million construction loan, arranged by CBRE. The financing supports construction of the 160-unit project, which broke ground in May 2026 and is expected to be completed in the second quarter of 2028.

CBRE’s deal team included Charles Crapse and Denny St. Germain. Empira’s leadership on the project includes Branko Kuzmanovic, managing director of acquisitions; Michael Marrero, managing director of development; and Maximilian Haecker, head of U.S. investments.

What Residents Will Get

The Aurelian is designed to compete in Coral Gables’ upper-tier rental market with a mix of residential and lifestyle amenities.

Planned features include a resort-style pool, outdoor lounge areas, a fitness center, a private yoga studio, coworking space, an entertaining lounge and a pet grooming suite. The building will also include a structured parking garage with EV charging capabilities.

A 6,000-square-foot public park with a children’s play area will sit along the west side of the property, adding public outdoor space to the surrounding neighborhood.

What Coral Gables’ Rental Market Signals

Coral Gables remains a premium rental submarket within Miami-Dade County. In the first quarter of 2026, the submarket recorded a 94.5% stabilized occupancy rate and average effective rent of approximately $3,612 per unit, according to Cushman & Wakefield. 

More recent data from MIAMI REALTORS® also showed Coral Gables among South Florida’s leading submarkets for rent growth in July 2026. That demand backdrop supports Empira’s decision to target a well-located, high-quality rental product, although new supply and operating costs will remain important factors for the project’s eventual performance. 

What The Financing Means For Empira

The Aurelian adds to Empira’s growing U.S. multifamily portfolio and marks the firm’s first project in Coral Gables.

For investors, the deal highlights continued lender appetite for new rental development in established South Florida submarkets. The key milestones to watch are construction execution, delivery in 2028 and the project’s ability to lease its units at rents that support its development costs.