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David Martin Of Terra Secures $238 Million Loan For Development Site In Bay Harbor Islands

Property Image
FINANCED
$238,000,000
Keith Kurland
David Martin
Jordan Cassella

Florida

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Development Site
Financed 11/05/2025
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Property Image
FINANCED

David Martin Of Terra Secures $238 Million Loan For Development Site In Bay Harbor Islands

Development Site
Financed 11/05/2025
Keith Kurland
David Martin
Jordan Cassella
the dealplayerscompscontact
Contact now

Summary

Asset Type:Development Site
Transaction Type:Loan

A refinancing loan of $238,000,000 has been secured for a development site located at 1160 Kane Concourse, Bay Harbor Islands, encompassing an area of 1.8 acres. This site is part of a luxury mixed-use development known as THE WELL Bay Harbor Islands, which features 66 condo residences and 102,000 square feet of office space.

Summary of transaction details:

The deal facilitates the next phase of the luxury mixed-use project, underscoring the collaboration between Terra and Eldridge Real Estate Credit, with brokerage services provided by Keith Kurland and Jordan Cassella of Walker & Dunlop, who played a crucial role in this refinancing agreement.

Players

Keith Kurland
Walker & Dunlop
Keith Kurland
170 deals$29.1B volume
BROKER
Jordan Cassella
Walker & Dunlop
Jordan Cassella
1 deal$238M volume
BROKER
Jordan Cassella
Walker & Dunlop
Jordan Cassella
1 deal$238M volume
BROKER
EC
Eldridge Real Estate Credit
LENDER
David Martin
Terra
David Martin
28 deals$2.2B volume
LANDLORD

Details

FINANCED
IMAGE: Jordan Cassella, David Martin & Keith Kurland DATE: 11/05/2025 ADDRESS: 1160 Kane Concourse MARKET: Bay Harbor Islands ASSET TYPE: Development Site ~ ACRES: 1.8 LENDER: Eldridge Real Estate Credit LANDLORD: David Martin (@DavidMartinTerra) - Terra (@TerraGroupMiami) BROKERS: Keith Kurland (@KaKurland) & Jordan Cassella - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $238,000,000 LOAN TYPE: Refinance NOTE: Terra secured a $238M refinancing loan from Eldridge Credit for THE WELL Bay Harbor Islands, a luxury mixed-use development in Miami featuring 66 condo residences and 102,000 square feet of office space. The deal, brokered by Walker & Dunlop’s Keith Kurland and Jordan Casella, supports the project’s next phase with completion expected in early 2026.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$238,000,000.00

Monthly NOI$1,586,666.67
Monthly Debt Service$1,504,321.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00