Cora Merrick Park Secures $67.5 Million Construction Loan, Moving Coral Gables Luxury Project Forward

A major milestone has been reached for one of Coral Gables' most anticipated luxury residential developments. Developers Constellation Group and The Boschetti Group have secured a $67.5 million construction loan for Cora Merrick Park, allowing construction to continue on the boutique condominium project located directly across from the Shops at Merrick Park.

The financing, provided by BHI and arranged by Berkadia's Miami team, is especially noteworthy given today's more selective lending environment. Construction financing has become increasingly difficult to obtain as higher interest rates and construction costs have made lenders more cautious. Securing a loan of this size signals strong confidence in both the development team and the long-term strength of the Coral Gables real estate market.

Located at 4241 Aurora Street, Cora Merrick Park will feature 74 luxury residences within a 13-story mixed-use building. While boutique in size, the project is designed to stand out by focusing on an increasingly popular concept in luxury real estate: wellness-centered living. Construction began in April 2026, with completion currently expected in 2028.

Unlike many traditional luxury condominiums, Cora Merrick Park is being developed with health and wellness integrated throughout the building's design. The project is among the first residential developments in Miami seeking certification through the International WELL Building Institute's WELL for Residential program, which evaluates how buildings promote healthier lifestyles through air quality, water systems, lighting, acoustics, and overall resident well-being.

Residents can expect amenities that go beyond the standard rooftop pool and fitness center. Plans include a wellness spa featuring infrared saunas, steam rooms, hydrotherapy pools, red-light therapy, meditation and yoga spaces, a dedicated recovery area, and what developers say will be Coral Gables' first rooftop padel court. Spanish wellness company Lamarca Well is overseeing the building's wellness programming to create an experience centered on longevity and healthy living.

The residences themselves will range from one-bedroom homes to expansive three-bedroom-plus-den penthouses. Buyers can expect high-end finishes including 10-foot ceilings, Italkraft kitchens, Sub-Zero and Wolf appliances, designer stone countertops, custom porcelain flooring, and spacious walk-in closets. Pricing is expected to begin in the $900,000s, with penthouse residences exceeding $4 million.

Another feature that sets Cora Merrick Park apart is its contribution to the surrounding community. In addition to residential space, the development will include approximately 8,000 square feet of ground-floor retail, office space, and a 5,000-square-foot public park anchored by a sculpture from internationally recognized Catalan artist Jaume Plensa. Upon completion, the park is expected to be donated to the City of Coral Gables, creating a lasting public amenity for residents and visitors alike.

For Coral Gables, this project reflects a growing trend toward boutique luxury developments that emphasize lifestyle over sheer size. Rather than building hundreds of condominium units, developers are increasingly targeting affluent buyers seeking exclusivity, personalized amenities, and premium locations.

For buyers and investors, the successful financing of Cora Merrick Park is another indication that confidence in South Florida's luxury housing market remains strong. Even as financing becomes more challenging across the industry, lenders continue to support projects with experienced developers, prime locations, and differentiated concepts. As Coral Gables continues to attract both local and international buyers, Cora Merrick Park represents the next generation of luxury living—one where wellness, thoughtful design, and community integration are just as important as location and architectural style.