Terra partnership secures $507M TYKO loan for Miami Beach condo tower
Connect CRE reports the 28-story Biscayne Bay project will be built with RG Development Group, GV Development and LORE Development.
At a glance
Terra and three partners have secured a $507 million construction loan from TYKO Capital for 1250 West Avenue, a luxury waterfront condominium planned along Biscayne Bay in Miami Beach, Connect CRE reported.
The borrowing group includes RG Development Group, GV Development and LORE Development, according to Connect CRE, which describes the project as a 28-story tower on the city's western waterfront.
Our Oct. 8 report, citing Commercial Observer, said pre-sales at 1250 West Avenue will not begin until next year.
Terra and three partners have secured a $507 million construction loan from TYKO Capital for 1250 West Avenue, a luxury waterfront condominium planned along Biscayne Bay in Miami Beach, Connect CRE reported.
The borrowing group includes RG Development Group, GV Development and LORE Development, according to Connect CRE, which describes the project as a 28-story tower on the city's western waterfront.
Our Oct. 8 report, citing Commercial Observer, said pre-sales at 1250 West Avenue will not begin until next year. The coverage called that sequence unusual for a South Florida luxury condo.
The loan is smaller than Extell's $3.8 billion request for the former ABC site and Vornado's $3.3 billion for 350 Park Avenue, two Manhattan construction financings covered here in September.
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