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**Allen Morris Co. Secures $132.5M Construction Loan for Ponce Park in Coral Gables**
Allen Morris Co. has secured a $132.5 million construction loan to finance the development of Ponce Park, a new luxury condominium project in Coral Gables, Florida. The loan was issued by Bank OZK and arranged by Lotus Capital Partners, led by Faisal Ashraf. The financing supports construction on the 1.2-acre site located at 3000 Ponce de Leon Boulevard.
Construction on Ponce Park officially began in December. The 11-story development will feature 58 upscale condominiums along with 25,000 square feet of retail and restaurant space. Unit sizes will range from 1,900 square feet to over 6,500 square feet, with residences offering high-end features such as 11- to 12-foot ceilings and outdoor summer kitchens on private balconies.
Residents will also enjoy a comprehensive suite of luxury amenities including a rooftop pool, sky bar, café, spa, meditation courtyard, fitness studio, and a rooftop lounge.
Completion of the project is expected in early 2028. Kast Construction has been named the general contractor, and the building was designed by architect John Cunningham of Zyscovich Architects.
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