Terra Inks $507M Construction Loan for Biscayne Bay Condos
Terra, in partnership with RG Development Group, GV Development and LORE Development, has secured a $507 million construction loan from TYKO Capital for the development of 1250 West Avenue, a new luxury waterfront condominium planned along Biscayne Bay in Miami Beach.
Located at 1250 West Avenue, the 28-story development along Miami Beach’s western waterfront will feature 106 residences.
Plans for 1250 West Avenue include an extensive collection of private wellness and recreational amenities including ground-level and rooftop swimming pools, spa and a padel court. Two penthouse residences will crown the building, each featuring a private rooftop pool and dedicated amenity space. The development will also include underground parking, ground-floor retail space and lush tropical landscaping integrated throughout the property.
Terra recently completed Five Park, a 48-story luxury condominium tower at the gateway to South Beach and is currently developing the 800-room Grand Hyatt Miami Beach, now under construction adjacent to the Miami Beach Convention Center.
Other News
Berkadia Arranges Refis for 3 S. Florida Rental Communities
Berkadia arranged $36.7 million in financing on behalf of Rental Asset Management (RAM) of Lauderdale, Florida for three multifamily communities across the state, including two in Miami-Dade County. Matthew Robbins and Hugo Hernandez of Berkadia Boca Raton led the transactions, alongside Mitch Sinberg, Brad Williamson and Scott Wadler. It included acquisition financing for the newly...
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Higher Rates Could Keep Renters Renting and Apartments Trading
Marcus & Millichap says higher rates are extending renter tenure as apartment fundamentals improve The Federal Reserve initiated a rate hike in September. As of Oct. 8, the 30-year fixed-rate mortgage stood at 7.4%, up from 6.3% a year ago. Higher mortgage rates are making homeownership increasingly difficult, as if it wasn’t already. A recent...
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Rockland Trust Provides Financing for Quincy Affordable Development
Rockland Trust is providing a financing package of $7.4 million to Father Bill’s & MainSpring for the development of a new 24-unit affordable housing community at 150-156 Quincy St. in Quincy, MA. The Quincy Street Apartments project will transform the site into a multifamily residential community designed to expand access to housing in a region...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout