Terra Group boosts loan to $91M for Eighty Seven Park
David Martin’s Terra Group has closed on a $91.18 million construction financing for Eighty Seven Park, a luxury condo project in North Beach.
Miami-Dade County records show United Overseas Bank Limited, a multinational bank headquartered in Singapore, is the lender. Terra took out $19.18 million of a total $91.18 million in financing. The original note issued in 2013 was for $60 million, mortgage documents show.
The bridge loan mortgage covers the property at 8701 Collins Avenue and the parking lot across the street at 7925 Collins Avenue. Bridge loans can be used in the short term to secure long-term financing while developers seek permitting.
Eighty Seven Park, designed by Renzo Piano, is being developed by Terra in partnership with Bizzi and New Valley. Douglas Elliman Florida is leading sales for the 70-unit, 20-story oceanfront tower. Martin purchased the property, which was the site of the former Howard Johnson Dezerland Hotel, from Sunny Isles developer Michael Dezer for $65 million in 2013. That hotel, which was originally known as the Biltmore Terrace, was built in the early 1950s and demolished in 2015. Its lobby was designed by famed architect Morris Lapidus.
The tower will feature an underground parking garage, a gym/spa and a rooftop terrace, according to a city meeting last year. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture, the latter of which designed the Miami Beach Soundscape Park, are also working on the project design. Eighty Seven Park will also be surrounded by a forest of 200 trees that will also infiltrate the ground floor lobby.
Amenities will include access to an outdoor juice bar, salon and full-time botanist, according to a press release. Vertical construction will begin by the second quarter of this year.