We study the effect of the Chern-Simons gauge fields on the possible transition from two decoupled composite fermion metals to the interlayer coherent composite fermion state proposed by Alicea et al. [Phys. Rev. Lett. 103, 256403 (2009)] in a symmetrically doped quantum Hall bilayer with total Landau level filling fraction $ u_{tot} = 1$. In this transition, interlayer Coulomb repulsion leads to excitonic condensation of composite fermions which are then free to tunnel coherently between layers. We find that this coherent tunneling is strongly suppressed by the layer-dependent Aharonov-Bohm phases experienced by composite fermions as they propagate through the fluctuating gauge fields in the system. This suppression is analyzed by treating these gauge fluctuations within the random-phase approximation and calculating their contribution to the energy cost for forming an exciton condensate of composite fermions. This energy cost leads to (1) an increase in the critical interlayer repulsion needed to drive the transition; and (2) a discontinuous jump in the energy gaps to out-of-phase excitations (i.e., excitations involving currents with opposite signs in the two layers) at the transition.