Terra closes on $185M construction loan for latest Coconut Grove project

Arquitectonica, Meyer Davis are designing the luxury resi development

Sep.September 26, 2019 11:40 AM
David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

David Martin and the site at 2655 South Bayshore Drive (Credit: Realtor)

UPDATED, Sept. 26, 1:50 p.m.: Terra secured $185 million in construction financing for its next development in Coconut Grove.

Mack Real Estate Credit Strategies is providing the loan to Terra for the Bayshore Grove project at 2655 South Bayshore Drive in Coconut Grove, according to property records.

It’s one of the largest construction loans to close in South Florida this year, after the $300 million loan for Vlad Doronin and Cain International’s 830 Brickell office tower and the $225 million loan for The Residences at Mandarin Oriental in Boca Raton, both of which closed in July.

MSD Partners, the private investment firm of Dell Technologies billionaire Michael Dell, is the lender for the $300 million loan, according to a spokesperson for Doronin’s OKO Group. The South Florida Business Journal first reported the loan.

In April, Terra affiliate CG Summer Investments LLP filed a notice of commencement to demolish the former Summerhill Apartments building on the site.

Terra said Meyer Davis and Arquitectonica are designing a luxury residential project to be built on the 1.5-acre lot, which is one parcel away from Terra’s Grove at Grand Bay, a pair of Bjarke Ingels-designed luxury condo towers.

Previous plans for the project called for two 20-story towers with about 300 residential units, 32,000 square feet of office space, a pool deck and parking, according to the South Florida Business Journal, which first reported the loan.

Marc Sznajderman, Romano Tio, Chris Gathman and Dylan Comras of Ackman-Ziff advised Terra on the financing.

The property is across the street from Regatta Harbour, a 9.5-acre, mixed-use bayfront development with more than 100,000 square feet of retail and restaurants, a new marina, dry boat storage and more. Treo Group is developing that project.

Based in an office condo between Grove at Grand Bay and the Bayshore Grove site, Terra has a number of projects in the neighborhood, including Park Grove with the Related Group, Mary Street and Grove Central.

Terra is partnering with Grass River Property on Grove Central, a mixed-use, transit-oriented project planned next to the Coconut Grove Metrorail station. The development will retail space and apartments, some of which will be managed by Common.

Related Articles


Condo at Glass Miami Beach sells at 15% loss

La Social’s original location at 7601 Biscayne Boulevard (Credit: Google Maps)

The Weekly Dish: La Social to open in downtown Miami, Salt & Straw is going to Wynwood 25 & more

Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

Mike Fernandez and Park Grove (Credit: Wikipedia)

Miami billionaire Mike Fernandez flips PH in Coconut Grove

Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

From left: Dion Waiters, James Johnson, Erik Spoelstra, Dwayne Wade, LeBron James, Chris Bosh and Hassan Whiteside (Credit: Getty Images, iStock, Wikipedia Commons)

Heat Map: Here are the homes of Miami Heat’s elite

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower