Updated Oct 9, 2026
David Martin Of Terra Secures $507M Construction Loan From Adi Chugh Of TYKO Capital For Development Site
1250 West Avenue
$507,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 7, 2026
About this deal
AI
1250 West Avenue is a development site located in Miami Beach. This property is set to become a new luxury waterfront condominium featuring 28 stories and 106 residences. The development aims to provide expansive residences with views across Biscayne Bay and the Miami skyline, contributing to a low-density residential offering in the market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $507,000,000
- Lender: Adi Chugh - TYKO Capital
- Borrower: David Martin - Terra; RG Development Group, GV Development & LORE Development
- Loan Type: Construction
- Market: Miami Beach
This transaction includes key players in the real estate development sector, with David Martin representing Terra, alongside partners RG Development Group, GV Development, and LORE Development. The project signifies Terra’s ongoing commitment to Miami Beach, following its recent completion of Five Park and the concurrent construction of the 800-room Grand Hyatt Miami Beach near the Miami Beach Convention Center, with sales anticipated to launch in 2027.
On the Map
$507,000,000
Development Site
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Players
Miami Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93