Allen Morris Lands $138.5M Loan for Coconut Grove Venture
Allen Morris Co. secured a $138.5 million construction loan from BDT & MSD Partners through its affiliated funds, and BHI, the U.S. Bank of Bank Hapoalim for the Ziggurat in Coconut Grove. The financing was arranged by Lotus Capital Partners.
Located on 1.7 acres at 3101 Grand Avenue, the development includes two towers: a five-story 100,000 square foot office building, and a three-story condominium building with 18 uluxury residences, and approximately 45,000 square feet of retail space on the ground floor.
The residential component features residences from 1,254 square feet to over 5,000 square feet. Prices range from $3.5 million to $15 million.
Groundbreaking is anticipated for December 2025, with completion expected for early-2028.
Ryan Holtzman, Andrew Trench and Brian Gale with Cushman & Wakefield will manage office leasing alongside Thad Adams with The Allen Morris Company. Daniel Cardenas and Michael Sullivan with Vertical Real Estate will lead the retail leasing efforts.
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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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Greg Corbin
Northgate Real Estate Group
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