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Coral Gables

Pearlmark Funds New Coral Gables Apartment Project

The $81 million loan supports the development of a 12-story residential tower at 114 Calabria Avenue.

Updated on Oct. 16, 2026 in Construction

Bold vector editorial illustration showing a multi-story apartment building under construction with tropical landscaping, representing real estate development.
Empira Group has begun construction on a 160-unit residential tower in Coral Gables following an $81 million loan from Pearlmark. AI Illustration. Upload story photo >

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Empira Group has broken ground on a 160-unit residential project in Coral Gables after securing an $81 million construction loan from Pearlmark. The development will stand 12 stories tall on a 1.2-acre site.

Why it matters

The financing allows for the continued expansion of high-density housing in Coral Gables, including the addition of a public park to the local neighborhood. This project represents a significant development milestone for the site acquired by Empira Group last year.

The 12-story building will feature 160 units and 248 parking spaces on its 1.2-acre lot. Empira Group originally purchased the property at 114 Calabria Avenue for $18 million in 2025.

The players

Pearlmark

Pearlmark is a real estate investment firm that provides capital and financing for commercial property development projects.

Empira Group

Empira Group is an investment and development firm specializing in residential real estate projects across urban markets.

Behar Font & Partners

Behar Font & Partners is an architecture and interior design firm that focuses on residential, commercial, and mixed-use projects.

CBRE

CBRE is a global commercial real estate services and investment firm that provides brokerage and advisory services to developers.

The details

Designed by Behar Font & Partners, the development will include a 6,000-square-foot public park on the western portion of the property. CBRE brokers Charles Crapse and Denny St. Romain arranged the financing for the developer.

Timeline

  1. Empira Group acquired the property in 2025.

  2. The developer secured financing for a separate Brickell apartment tower in April 2025.

  3. Pearlmark provided the construction financing in October 2026.

  4. The building is expected to be completed in 2028.

Market Landscape

This project reflects a broader trend of densification within Coral Gables, mirroring institutional investment patterns seen throughout Miami-Dade County. It positions Empira Group as a key player in the regional apartment market, competing alongside other developers scaling high-rise density.

Residents and neighbors can expect increased construction activity at the 114 Calabria Avenue site until the projected 2028 completion date. The eventual opening of the development will add 160 housing units and a new 6,000-square-foot public park to the city.

The takeaway

This development highlights the ongoing reliance on institutional construction financing to drive large-scale urban residential projects. Local residents should monitor project timelines to stay informed about potential traffic impacts and the eventual opening of the planned public park.

Further reading

For more updates on regional infrastructure and real estate developments, browse the Construction section.

Source note: This article includes information reported by Commercial Observer.

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