Terra And AB Asset Management Secure $410 Million Construction Loan From Tyko Capital For Coconut Grove Project

The asset involved in this transaction is a development site located at 2835 Tigertail Avenue in Miami, covering an area of 2 acres. This site is set for the construction of the Well Coconut Grove luxury condo project, which will feature 194 units. The project has already achieved over 50% pre-sales, with a targeted completion date set for the fourth quarter of 2028.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $410,000,000
• Lender: Adi Chugh - TYKO Capital
• Landlord: David Martin - Terra
• Landlord: Getzy Felig - AB Asset Management
• Broker: Walker & Dunlop
• Loan Type: Construction

The transaction is significant as it marks the largest construction loan in Coconut Grove history. The financing, brokered by Walker & Dunlop, will support the construction of a project that has already garnered substantial interest in the market.