The synthesis, characterization, crystal structures and magnetic properties of isoskeletal heptanuclear disk‐like MII3LnIII4 coordination clusters with the general formula [CoII3LnIII4(µ3‐OH)6L6(CF3SO3)][(CF3SO3)5] where Ln = Gd (2), Y (3) and [NiII3LnIII4(µ3‐OH)6L6(CF3SO3)][(CF3SO3)5] where Ln = Dy (4), Gd (5), Y (6) are presented. All the compounds are stable in solution as confirmed by ESI‐MS. Magnetic studies were performed for compounds 2, 4, 5 and 6 and indicate ferromagnetic coupling while the magnetocaloric properties of 5 are characterized by ΔSm = –15.4 J kg–1 K–1 at T = 5.0 K and ΔTad = 5.9 K at T = 2.3 K, for µ0ΔH = 7 T.