Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Pearlmark lends Empira $81M for Coral Gables apartment tower

CBRE arranged the $81 million construction loan for the 160-unit Aurelian. Empira's earlier Miami apartment loan was $111.3 million in Brickell.

At a glance

  1. CBRE's Charles Crapse and Denny St. Romain arranged the financing.
  2. The 12-story building sits on a 1.2-acre site at 114 Calabria Avenue that Empira bought for $18 million in 2025.
  3. The $81 million commitment works out to about $506,000 per apartment unit.

Pearlmark has provided an $81 million construction loan to Empira Group for Aurelian, a 160-unit apartment project in Coral Gables, Fla., the Business Journals first reported. CBRE's Charles Crapse and Denny St. Romain arranged the financing.

The 12-story building sits on a 1.2-acre site at 114 Calabria Avenue that Empira bought for $18 million in 2025. Ground broke recently. Completion is expected in 2028. Coral Gables-based Behar Font & Partners designed the project. Amenities include 248 parking spaces, a pool, fitness center, yoga studio, coworking space and a pet grooming station, plus a 6,000-square-foot public park on the western portion of the site.

The $81 million commitment works out to about $506,000 per apartment unit.

The Coral Gables loan comes about 18 months after Empira secured $111.3 million for an apartment tower in Miami's Brickell Financial District. It also comes roughly two weeks after this publication reported that Partners Group and Empira launched a €1 billion closed-end pan-European living fund.

ItemDetail
LenderPearlmark
BorrowerEmpira Group
Loan amount$81 million
ProjectAurelian, 12 stories, 160 units
Site1.2 acres, 114 Calabria Avenue, Coral Gables
Land basis$18 million, acquired 2025
Arranged byCBRE (Charles Crapse, Denny St. Romain)
Expected completion2028

Reported by the Real estate debt desk from Commercial Observer and The Business Journals. Published . Corrections

Related

Real Estate

BXP sells 10.6% of 343 Madison tower to AVRS Partners

The 46-story Midtown project is 56% pre-leased and has $1.2 billion in construction financing, Commercial Observer reported.

Real Estate

European real estate volume hits €171.9B as Q3 slips 4%

Living drew €45.3 billion in nine months, 26% of the total, while UK third-quarter volume rose 5% and France, Germany and Spain fell.

Real Estate

ORIX buys AMLI Lenox with $83M New York Life loan

The 391-unit tower was 96% occupied and will be renamed Akari Buckhead.

Real Estate

Dwight lends $73M to refinance 368-unit Reno apartments

Bridge Investment Group and Pacific Development borrowed the bridge loan, which funded an interest reserve and returned equity.

Real Estate

KKR supplies $95 million 10-year loan for Brooklyn apartments

Bridge, Declaration Partners and Avery Hall are the sponsors; coupon and spread were not disclosed.

Private Real Estate Dailyfrom Private Wealth Daily

Non-traded REITs, data centers, industrial and manager fundraising. Weekdays at 7:20 a.m. ET.

Free. Weekday mornings. Unsubscribe from any edition in one click.

From other sections