I read this Fantasy short story more than 20 years ago, in a collection.
There are two main characters, one is a "normal human" marine biologist. A dozen years or so before the events in the story, he went to some small island (IIRC in the Caribbeans) to study the fauna of the coral reef which surrounded it. There he met a boy that, on land, could almost pass for a normal human, but for his slightly webbed hands. But in the water, slits would open to reveal gills that allowed him to dive deep and for a long time. The boy was clever, could read and write, and knew a lot about marine biology. His mother was a normal native of that island who was somehow impregnated by a creature that came out of the ocean, never to return to the land.
Year after year the relationship of the biologist with the boy deepens and eventually they write a scientific paper together. But the webs on the hands increase in size. In the events of the story itself, the webs are much bigger than on the first meeting, and the mother of the boy tells the biologist that her son spends more and more time underwater. Her son, now a fully grown man, tells the biologist that he has written detailed notes about their common research so the latter can write a second paper and that himself must now dive for ever.
I don't remember the end well. I think the biologist tries to follow him as if he could survive in the water, gets a glimpse of his friend's father (who has two legs, not a fish tail, but is still some kind of "merman", hence the tag "mermaids") and is brought back to the beach before he drowns.