Allen Morris Lands $133M Financing for Miami Project
Bank OZK is providing the funds for this condominium development.
Allen Morris Co. has landed a $132.5 million construction loan for Ponce Park, a 58-unit luxury condominium development being built in Coral Gables, Fla., according to The Real Deal. Bank OZK provided the loan while Lotus Capital Partners arranged the financing.
The 11-story building will rise at 3000 Ponce de Leon Blvd. Construction started in December 2025, while the project is estimated to reach completion by 2028. ONE Sotheby’s International Realty is handling sales, with prices starting at $3.1 million.
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Ponce Park was first proposed in 2021, with initial plans calling for a 171-unit condominium tower expected to reach completion in 2023. Zyscovich Architects‘ Principal & Partners John Cunningham is the architect of record, Meyer Davis is the interior designer in charge and Naturalficial’s Andres Arcila is handling landscaping. The building will total 154,000 square feet of space, with 22,000 square feet allocated for ground-floor retail use.
Residences at Ponce Park will include floorplans with one- to four-bedroom units ranging from 1,900 square feet to more than 6,500 square feet. The residences will feature walk-in closets, a living room, bathrooms with soaking tubs, oak wood floors, exterior terraces with summer kitchens, smart home technology, kitchens with custom built bars and islands. The building will also include a penthouse collection.
Ponce Park will also have a mix of indoor and outdoor amenities including a rooftop with two swimming pools, a cold plunge, hot tub, event space and bar. The community will also have a media lounge, spa center, fitness center, courtyard and access to more than 15,000 square feet of green space.
Ponce Park is close to Ponce Circle Park, local attractions and multiple retail options. Miami International Airport is 5 miles away, while the city’s downtown area is 7 miles away. Additionally, the property is next to The Plaza Coral Gables, a $1 billion mixed-use dining and shopping destination.
As part of its project, developer Allen Morris Co. also committed to spending $9 million in renovations on the Ponce Circle Park.
Major condo financing moves in Miami
The Miami condo market is a hotspot for development and global investors, with multiple projects in diverse stages of construction currently underway. This demand is not only driven by U.S. investors; European buyers are also driven to the South Florida region. In Miami-Dade County, condo transactions recorded a 2.4 percent year-over-year rise through September 2025, according to the Miami Association of Realtors. Roughly half of the sales registered in the 18 months ending in June 2025 involved international buyers.
Recent financial movement in the sector includes Ytech’s $565 million financing for a 70-story condo tower in the metro. J.P. Morgan and Sculptor Real Estate provided the construction financing for the project, which is set to deliver in 2028.
In November 2025, Dezer Development secured $630 million in construction funds for the first Bentley-branded condo tower in Sunny Isles Beach, Fla. The 216-unit ultra-luxury condo skyscraper will reach completion in 2028. It was the largest financing agreement in South Florida at that time.
