Empira Group has closed on an $81 million construction loan for The Aurelian, a 12-story rental project rising at 114 Calabria Avenue in Coral Gables. The financing was provided by Pearlmark and arranged by CBRE, giving the Switzerland-based investor fresh capital as work advances on its first project in the city.
The Aurelian is planned as a 160-unit multifamily development with one- and two-bedroom apartments, a parking garage for 248 vehicles, and a set of resident amenities aimed at the Coral Gables rental market. The project is being designed by Behar Font and built by Ortega Construction, with completion currently targeted for 2028.
In addition to the residential component, the development also includes a 6,000-square-foot public park along the western side of the site, adding a community-facing element to a project located less than a mile from Miracle Mile and within reach of both Downtown Coral Gables and Brickell.
| Project Detail | Information |
|---|---|
| Project Name | The Aurelian |
| Address | 114 Calabria Avenue, Coral Gables |
| Developer | Empira Group |
| Loan Amount | $81 million |
| Lender | Pearlmark |
| Arranger | CBRE |
| Building Height | 12 stories |
| Unit Count | 160 rental apartments |
| Architect | Behar Font |
| Contractor | Ortega Construction |
| Expected Completion | 2028 |
Financing marks a key milestone for the Coral Gables project
The new construction loan helps move The Aurelian further along in what is shaping up to be one of Empira Group’s most visible multifamily investments in South Florida. According to Florida YIMBY, the transaction was arranged by CBRE’s Charles Crapse and Denny St. Germain, with Steve Gordon representing Pearlmark.
Empira Group said the financing underscores momentum behind the project and supports its broader push in Miami’s multifamily market. The company’s project team includes Branko Kuzmanovic, managing director of acquisitions; Michael Marrero, managing director of development; and Maximilian Haecker, head of investments U.S.
Michael Marrero described the loan closing as a major milestone for the development, while Kuzmanovic pointed to continued demand in the Coral Gables submarket. Those comments reflect the tight supply conditions that have helped support new rental development in well-located South Florida neighborhoods, particularly areas with access to employment centers, retail corridors, and transit connections.
What is planned at 114 Calabria Avenue
The Aurelian is designed as a Class A rental building, a term typically used for newer, higher-quality multifamily properties with stronger amenity packages and contemporary construction standards. The project will include a mix of one- and two-bedroom apartments, though publicly available materials have not disclosed the exact unit mix or floor plans.
The building’s design is intended to respond to its Coral Gables setting. Behar Font’s plans reportedly draw from the surrounding character of the city while incorporating residential, amenity, and public-space components. The site’s location near Miracle Mile places it within one of Coral Gables’ most established commercial and residential districts.
In addition to the apartment tower and parking, the development includes structured parking for 248 vehicles and electric vehicle charging capabilities, aligning with current trends in South Florida rental projects where on-site parking remains a significant tenant amenity.
A public park is part of the project’s site plan
One of the more notable aspects of The Aurelian is the planned 6,000-square-foot public park along the west side of the property. While many new residential projects in urban Miami-Dade County reserve open space for residents only, this project also includes a community-accessible outdoor area with a children’s play zone.
That public component gives the development a broader neighborhood role beyond the apartment tower itself. In Coral Gables, where walkability, landscaping, and urban design are often central to planning and entitlement discussions, publicly accessible open space can carry added significance.
Empira Group said the park will provide recreational space for the surrounding community. The inclusion of this feature suggests the project’s planning and design attempted to balance density with neighborhood-oriented amenities.
Location gives the project access to Coral Gables and Brickell demand
The Aurelian is located less than one mile from Miracle Mile, placing it within easy reach of Coral Gables’ dining, retail, and office districts. The site also has views toward Downtown Coral Gables and Brickell, two submarkets that remain central to Miami’s residential and employment base.
That positioning matters because Coral Gables continues to attract renters who want a suburban-urban blend: access to Class A housing, proximity to business corridors, and a lower-rise environment than parts of downtown Miami. The city’s relatively constrained development pipeline also means that new rental projects can stand out when they are delivered in established neighborhoods.
Empira’s investment here appears aimed at that mix of demand drivers. The company characterized Coral Gables as a market with tight supply and sustained demand for quality housing, a thesis that fits the broader South Florida rental market where well-located new product often draws strong interest.
Construction and delivery timeline
Florida YIMBY reported that construction is already underway, with Ortega Construction serving as the general contractor. While the loan closing suggests the financing structure is now in place, publicly available information does not indicate whether the tower has reached a specific height or when vertical construction will accelerate.
The development is scheduled for completion in 2028. That timeline gives the project several years to move through the remaining phases of construction, interior buildout, and site improvements, including the park and amenity areas.
For Coral Gables, The Aurelian adds to a pipeline that continues to evolve around established nodes rather than large open land parcels. Projects of this type often depend on a combination of financing, zoning compatibility, and long-term leasing demand; securing construction capital is one of the clearest signs that a project is moving through that process.
Why the loan matters for South Florida real estate
Construction financing remains a major indicator of confidence in South Florida development, especially for multifamily projects in submarkets with high land values and limited vacancy. In this case, the $81 million loan demonstrates lender support for a Coral Gables rental building that is still in the construction phase and has not yet been delivered to market.
The deal also underscores continued institutional interest in South Florida’s urban rental sector. With demand concentrated in neighborhoods offering strong access to jobs, retail, and transit, developers and lenders continue to back projects that can deliver new units in supply-constrained corridors.
Coral Gables has long been one of Miami-Dade County’s most closely watched residential markets, and The Aurelian adds another example of how new multifamily supply is arriving in established suburban urban cores rather than only in downtown Miami or Edgewater.
Project team and reported financing structure
The financing was arranged by CBRE, one of the major commercial real estate services firms active in South Florida debt placement. Pearlmark provided the loan, while Empira Group remains the developer behind the project.
According to the report, the financing was executed with support from Empira’s internal investment and development leadership. That includes Kuzmanovic, Marrero, and Haecker, who all commented on the closing in connection with the project’s progress and strategic importance within the company’s U.S. portfolio.
Additional public details, including lease-up timing, rental pricing, and the exact apartment mix, have not been disclosed. As the project advances toward completion, those figures will likely become more relevant to renters and market observers following new inventory in Coral Gables.
