BHI Provides $67.5M Construction Loan for Coral Gables Boutique Condo Development

BHI has issued a $67.5 million construction loan to a partnership between Constellation Group and The Boschetti Group, enabling the developers to move forward on a boutique condominium project in one of South Florida's most sought-after suburban markets.

The project, dubbed Cora Merrick Park, will rise at 4241 Aurora Street in Coral Gables, approximately six miles southwest of Downtown Miami. The 74-unit development sits just north of the open-air Shops at Merrick Park, positioning it within walking distance of high-end retail and dining options that have helped make the surrounding neighborhood one of the most desirable residential addresses in Miami-Dade County.

According to Commercial Observer, the joint venture announced the financing closure this week.

Key Details

Developer: Constellation Group and The Boschetti Group (joint venture) Lender: BHI Loan Amount: $67.5 million Project Name: Cora Merrick Park Address: 4241 Aurora Street, Coral Gables, FL Unit Count: 74 condominium residences Location Context: Six miles southwest of Downtown Miami; adjacent to Shops at Merrick Park Property Type: Boutique condominium development

The financing arrives as construction lenders have grown increasingly selective about which residential projects receive backing, particularly in markets where elevated interest rates have tempered buyer demand.

Market Context

The Coral Gables luxury condo market has demonstrated resilience, with a buyer base that skews toward local professionals and downsizing empty-nesters.

The submarket's appeal lies partly in its architectural character and strict zoning regulations, which limit the scale of new construction.

For CRE professionals tracking South Florida's residential sector, the BHI financing signals that lenders remain willing to back well-located projects with experienced sponsors, even as the broader construction lending environment tightens. The deal also reinforces Coral Gables' positioning as a premium address that commands pricing power independent of Miami's condominium cycles.

Cora Merrick Park's proximity to the Shops at Merrick Park positions it to capture demand from buyers seeking walkable, amenity-rich neighborhoods without the density and traffic congestion associated with urban core locations.

Construction began in April 2026, with completion expected in 2028.