Allen Morris Company has secured a $132.5 million construction loan from Bank OZK for its planned Ponce Park condominium development in Coral Gables, according to information obtained by The Real Deal.
The financing supports an 11-story, 58-unit condo project at 3000 Ponce de Leon Boulevard. This deal is part of a growing list of South Florida condo projects backed by Bank OZK as the lender.
Lotus Capital Partners, headed by Faisal Ashraf, arranged the loan. The transaction comes two months after Allen Morris Company received a $138.5 million construction loan for its Ziggurat condo project in Miami’s Coconut Grove from BDT & MSD Partners and BHI.
Allen Morris Company, based in Coral Gables and led by president W.A. Spencer Morris, began sales for Ponce Park about a year ago with One Sotheby’s International Realty. According to the release, remaining units are priced starting at $2.9 million. Construction started in December, and completion is expected in early 2028. The development also includes an $11 million renovation of the city-owned Ponce Circle Park.
Designed by John Cunningham with interiors by Meyer Davis, the building will feature 25,000 square feet of retail space that includes a restaurant, rooftop pool and bar, cafe, spa, and fitness center.
Previous proposals for the site were rejected by city boards until 2024 when the Coral Gables Commission unanimously approved changes to land use regulations—moving from low-rise to high-rise intensity—vacated an alleyway between properties, and adjusted zoning district boundaries.
As part of these approvals, Allen Morris Company agreed to provide $2 million for public improvements and committed to covering or raising funds for any financial gaps or cost overruns related to upgrades at Ponce Circle Park. The park is located between the Allen Morris site and the Plaza mixed-use development.
