Allen Morris Co. obtained a $132.5 million construction loan to complete its Ponce Park luxury condo in Coral Gables. The South Florida Business Journal reports that the Bank OZK provided the mortgage to the local developer for the 1.2-acre site at 3000 Ponce de Leon Blvd. Lotus Capital Partners, led by Faisal Ashraf, arranged the loan.

Allen Morris Co. broke ground on Ponce Park in December. The 11-story project will feature 58 condos and 25,000 square feet of retail/restaurant space. The units will range from 1,900 to more than 6,500 square feet, with ceiling of 11 to 12 feet and summer kitchens on the balconies.

Amenities in Ponce Park will include a rooftop pool, a sky bar, a café, a spa, a meditation courtyard, a fitness studio, and a rooftop lounge.

Ponce Park should be completed in early 2028. Kast Construction is the general contractor of the project. John Cunningham of Zyscovich Architects designed the building.