Terra and One Thousand Group scored a $285 million construction loan for a Major Food Group-branded condo tower in Edgewater, amid a flurry of South Florida financings.
Terra and One Thousand Group started development this month on the 56-story, bayfront Villa Miami with 70 condos at 710 Northeast 29th Street in Miami, according to the developers’ news release. It will be the first residential project branded by Major Food Group.
Tyko Capital, a joint venture between debt broker Adi Chugh and billionaire hedge funder Paul Singer’s Elliott Investment Management, is the lender.
Keith Kurland and Jordan Casella of Walker & Dunlop represented the borrowers and lender.
Miami-based One Thousand Group is led by Louis Birdman and Kevin Venger, who were partners in the development of the One Thousand Museum condo tower in downtown Miami. Michael Konig is also a partner in One Thousand Group.
In 2021, Birdman, Venger, Konig and Alex Posth scored city approval for the Edgewater project. At the time, the tower was considered a look-alike to One Thousand Museum, which was designed by the late Zaha Hadid.
Last year, David Martin’s Coconut Grove-based Terra and New York-based Major Food Group partnered with One Thousand Group on the project, The Real Deal first reported. The hospitality company –– co-founded by Jeff Zalaznick, Mario Carbone, Rich Torrisi and Miami partner Alex Pirez –– will brand Villa Miami’s food and beverage venues. This includes branding dining at the private, multistory Copper Club.
Renderings show Villa Miami’s design was updated since it scored approval in 2021, with the ODP Architects-designed tower veering from One Thousand Museum partly because it will have a copper-colored exoskeleton. Vicky Charles of Charles & Co. designed the condos’ interiors, the release says.
Units will range from 3,000 square feet to 6,000 square feet. Prices start at $5 million. Villa Miami is expected to be completed in 2027, according to the release.
Construction loans and refinancings have continued in South Florida, despite elevated interest rates. New York-based Tyko provided a $527 million construction loan in September for the 50-story, 152-unit St. Regis Residences, Miami, condo tower at 1809 Brickell Avenue in Miami, as well as a $565 million refinancing in July of the newly built 830 Brickell office tower, also in Miami.
Branded condos have scored much of the financing. In June, PMG and its partners landed $668 million in construction financing to build the Waldorf Astoria Hotel & Residences supertall with 387 condos and 205 hotel keys at 300 Biscayne Boulevard Way in downtown Miami.