Spencer Morris & Carmine Berardi Secure $132.5M Loan For Ponce Park Residences In Coral Gables

The transaction involves a residential condominium asset consisting of 57 units located at 3000 Ponce de Leon Boulevard in Coral Gables. The project, known as Ponce Park Residences, has been designed by John Cunningham along with Zyscovich and Meyer Davis, and includes 20,600 square feet of ground-floor retail. The loan amount secured for this construction project is $132,500,000.

Summary of transaction details:

• Property Type: Residential Condo
• Transaction Amount: $132,500,000
• Market: Coral Gables
• Units: 57
• Lender: Greg Newman & Tom Moore - Bank OZK
• Borrower: Spencer Morris & Carmine Berardi - The Allen Morris Company
• Capital Advisor: Faisal Ashraf - Lotus Capital Partners
• Loan Type: Condominium Construction Financing

Faisal Ashraf from Lotus Capital Partners was the capital advisor who arranged the $132.5 million construction loan for The Allen Morris Company. The financing pertains to the Ponce Park Residences project, aimed at developing a luxury condominium in the Coral Gables area.