David Martin Of Terra And Jackie Soffer Of Turnberry Secure $392M Loan For Grand Hyatt Miami Beach

The asset involved in this transaction is a hotel located at the intersection of 17th Street and Convention Center Drive in Miami Beach. The property is part of the development of the Grand Hyatt Miami Beach, which will feature 800 keys and spans 800,000 square feet, designed as a 17-story structure.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $392,000,000
• Lender: Adi Chugh & Paul Singer - TYKO Capital
• Landlord: David Martin - Terra
• Landlord: Jackie Soffer - Turnberry
• Market: Miami Beach
• Loan Type: Construction
• Completion Date: Delivery slated for late 2027

Adi Chugh and Paul Singer of TYKO Capital provided the construction financing, which is critical for advancing the development of the Grand Hyatt Miami Beach. David Martin from Terra and Jackie Soffer from Turnberry represent the owners of the property, both being prominent figures in South Florida's real estate development sector. Additionally, pre-construction sitework has already been completed, setting the stage for the project's groundbreaking.