Terra and AB Asset Management secured a $43.2 million loan to begin site work for a luxury condo in Miami’s Coconut Grove neighborhood, the lenders and developers announced.
The five-story project, called the Residences in the Grove, will feature 148 units as well as 22,000 square feet of wellness-focused retail space on the ground floor.
The 2-acre site — located at 2835 Tigertail Avenue, across the street from the Related Group’s headquarters — now holds a 140-unit residential building constructed in 1966. The joint venture paid $21.7 million in 2021 for the 143,133-square-foot property, according to property records.
The mortgage, provided by City National Bank of Florida and K S Finance Corporation, will fund preliminary demolition and site work ahead of the project’s groundbreaking later this year. Construction is expected to be completed in 2025.
“Our ability to secure favorable financing for Residences in the Grove speaks to the growing demand for residential product in the thriving Coconut Grove district, which is home to walkable streets, top-tier schools, and some of Miami’s most exciting retail and dining destinations,” David Martin, CEO of Terra, said in a statement.
The loan brings the total financing for the Arquitectonica-designed development to $71 million, per records. Shortly after the building purchase in 2021, Terra and AB, a Miami-based real estate investor, nabbed a $27.5 million mortgage from Harbor Group International’s lending division.
Terra, a developer based in Coconut Grove, has a long track record in the neighborhood, most notably having constructed condos designed by architects Rem Koolhas and Bjarke Ingels.
Source: Commercial Observer
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