Terra and Related boost construction loan for Park Grove
Financing totals $112.1M for the 20-story, 71-unit building
UPDATED April 5, 5:25 p.m.: Terra and the Related Group just closed on $112.1 million in construction financing for their luxury condo development in Coconut Grove.
The joint venture, 2701 Bayshore One Park Grove, had previously secured $16 million in financing from Fifth Third Bank in 2015 and 2016 for One Park Grove. This latest round is from Bank of the Ozarks, for $112.1 million, a spokesperson for Terra confirmed, as did a bank spokesperson.
One Park Grove is the third and final tower of the Park Grove project that includes Two Park Grove and the Club Residences. The developers recently broke ground on One Park Grove, and plan to deliver the first two buildings this year.
One Park Grove, a 20-story, 71-unit building at 2701 Bayshore Drive, is about 50 percent presold, according to the South Florida Business Journal, which first reported the financing. Units will range from about 3,700 square feet to 7,500 square feet and prices start at $4 million.
The 297-unit, three-tower complex will feature a 3,500-square-foot restaurant by Miami restaurateur and chef Michael Schwartz, a gym, spa, sauna and steam rooms and a wine tasting room. It was designed by Rem Koolhaas.
Terra and Related paid $55 million for the 5.2-acre site in 2013, which included the Coconut Grove Bank headquarters. Prior to the Bank of the Ozarks loan, they secured about $174 million in construction financing for Park Grove between 2013 and 2015. Mack Real Estate Group and Regions Bank are the lenders.
Related was not immediately available for comment.