Updated 11:20 a.m., Dec. 22: Terra Group and the Related Group closed on $145 million in financing for Park Grove, a luxury waterfront development in Coconut Grove.
Miami-Dade County records show that Mack Real Estate Credit Strategies is the lender for the $129.65 million amended mortgage, which closed on Thursday. A joint venture led by Terra’s David Martin and Related’s Matt Allen is co-developing the project at 2701 South Bayshore Drive.
The financing increases the principal amount of the mortgage, which was $29.35 million recorded in 2013, to $159 million. The lender is New York-based Mack Real Estate Group‘s commercial real estate debt investment platform. Regions Bank was the original lender, and issued a separate $15 million mortgage for the project this week, bringing the total financing to $174 million.
In a statement provided to The Real Deal, Terra president David Martin said more than 95 percent of the units in the first two towers are pre-sold. Martin said the developers are preparing to launch sales for Park Grove’s third tower early next year.
The development, which will include two 20-story towers with 72 units each and a third 20-story tower with 140 units, is being designed by OMA/Rem Koolhaas with interiors by Meyer Davis. Park Grove will also include a 2-acre sculpture park by Enea Landscape Architecture.
In September, Miami restaurateur and chef Michael Schwartz announced he will run the food and beverage at Park Grove, which will include a 3,500-square-foot restaurant, catering and pool bar service. Earlier this year, healthcare billionaire Mike Fernandez and race car driver Emerson Fittipaldi put contracts on condominiums at the development, which is slated for completion in 2017.
Nearby, Terra is also developing Grove at Grand Bay, which broke ground in 2013.
An earlier version of this story incorrectly identified the total financing that closed this week. The amount was $144.65 million, not $129.65 million.