HKS Real Estate Advisors has successfully closed on a substantial $21 million loan for Merrick Parc, a groundbreaking multifamily development in Coral Gables. This significant financial achievement underscores HKS’s expertise in navigating complex real estate transactions and marks a major milestone in the progress of this ambitious project. Designed by the Coral Gables-based architecture firm Behar Font & Partners, Merrick Parc is part of a series of mixed-use projects located along and near U.S. 1, between Coral Gables and Coconut Grove.
Merrick Parc is poised to be a marquee development featuring two 19-story rental buildings. Initially proposed to yield 450 residential units, the project is currently entitled to 316 units, with plans for expansion to 808 units through Miami-Dade County’s Rapid Transit Zoning program. This upzoning is in response to the increasing demand for premium living spaces within Miami’s rapidly growing urban landscape.
Merrick Parc. Credit: MG Developer, Baron Property Group.
The development also promises to enhance the community with its mixed-use components. It includes 15,890 net rentable square feet of commercial and retail space and a substantial parking provision of 506 spaces.
The $21 million loan secured for the land and pre-development stages of Merrick Parc highlights HKS Real Estate Advisors’ ability to execute high-level financial maneuvers. Demonstrating their commitment to both their clients and the project, HKS represented the developers, MG Developer and Baron Property Group, throughout the transaction.
Merrick Parc. Credit: MG Developer, Baron Property Group.
Further adding to the collaborative nature of this venture, the deal was co-brokered by Ayush Kapahi, Founding Partner and Principal at HKS, in conjunction with Dmitry Levkov and Jeffrey Donnelly at Colliers. Their collective efforts ensured a smooth and effective transaction, showcasing the strength of partnerships in the real estate sector.
Merrick Parc is poised to redefine Coral Gables’ residential and commercial offerings, catering to the evolving needs of Miami’s diverse population. The project’s strategic location, comprehensive planning, and design position it as a future landmark.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
PLEASE SEND ME MORE DETAILS.