Terra and Related pay off $112M construction loan for Park Grove condo tower

Bank OZK was the lender

David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

The Related Group and Terra paid off their $112 million construction loan for One Park Grove, the third and final condo tower at the luxury development.

Little Rock, Arkansas-based Bank OZK, previously known as Bank of the Ozarks, provided the financing in 2018 for the 66-unit, 23-story building in Coconut Grove. Pritzker Prize-winning architects OMA and Rem Koolhaas designed Park Grove. Meyer Davis Studio designed the interiors, and the kitchens and baths were designed by William Sofield.

More than 80 percent of contracts at One Park Grove have closed over the last two months, representing more than $245 million in closed sales, according to a press release. Remaining units start at $2.7 million.

One Park Grove, at 2701 South Bayshore Drive, follows the completions of Two Park Grove and the Club Residences, which together have 271 condos. The three buildings are 98 percent sold, according to the release.

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Amenities include a 2-acre park, amphitheater, indoor and outdoor lounges, a screening room, wine tasting room, a fitness center and spa, children’s playroom and a Michael Schwartz restaurant.

Terra and Related paid $55 million for the 5.2-acre site in 2013, which included the Coconut Grove Bank headquarters.

Terra, led by CEO David Martin, is based in Coconut Grove and is also working on Mr. C Residences nearby. Jorge Pérez’s Related is moving its headquarters from downtown Miami to the Grove.

In April, Fortune International Group and Château Group paid off their $212 million construction loan for the Ritz-Carlton Residences, Sunny Isles Beach. Bank OZK provided the loan in September 2016.

Write to Katherine Kallergis at kk@therealdeal.com