Terra Group boosts loan to $91M for Eighty Seven Park

Miami /
Jan.January 05, 2016 11:15 AM

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.


Related Articles

arrow_forward_ios
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Terra's David Martin and AB Asset Management's Getzy Fellig with rendering of Residences in the Grove (Terra Group, LinkedIn, Getty)
Terra, AB Asset plan 174 apartments in Coconut Grove
Terra, AB Asset plan 174 apartments in Coconut Grove
Russell Galbut, Ballot
Miami Beach voters approve upzoning referendums
Miami Beach voters approve upzoning referendums
Terra Group's David Martin and the CentroCity project at 3825 Northwest 7th Street (Terra Group, Getty)
Terra’s CentroCity Little Havana project nets $230M in financing
Terra’s CentroCity Little Havana project nets $230M in financing
Bay Harbor Islands, Miami-Dade County, CMC Group, Morabito Properties, Terra, Alta Developers
Here are the resi projects planned for Bay Harbor Islands
Here are the resi projects planned for Bay Harbor Islands
A rendering of Related Group and Alta Developers’ Casa Bella Residences by B&B Italia tower (The Related Group)
Supply chain issues — not oversupply — could slow Miami’s condo boom
Supply chain issues — not oversupply — could slow Miami’s condo boom
From left: David Martin, Terra; Oscar Rodriguez and Jon Paul Perez, Related Group (Getty Images, Related Group, Terra, ROVR)
Related, ROVR rank ahead of Terra and Apollo in bid to redevelop downtown Miami garage
Related, ROVR rank ahead of Terra and Apollo in bid to redevelop downtown Miami garage
David Martin of Terra and an aerial shot of 1177 Kane Concourse in Bay Harbor Islands, FL (Terra, Google Maps)
Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project
Terra nabs $141M construction loan for Bay Harbor Islands mixed-use project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...