Miami Beach's waterfront building boom has fresh financing. Terra, working with RG Development Group, GV Development and LORE Development, has secured a $507 million construction loan from TYKO Capital for 1250 West Avenue, a luxury condominium planned along Biscayne Bay.
The loan is one of the largest South Florida construction financings announced this fall and signals that lenders remain willing to back marquee Miami Beach projects even as they scrutinize condo deals elsewhere in the region.
The announcement capped a busy day for Miami-area residential development: in North Bay Village, Tula Residences topped off, putting it on track to become the first new condominium to open in that island community in more than a decade.
Together, the two milestones underline where Miami development money is flowing: established waterfront locations, brand-name local developers, and projects far enough along to show lenders a clear path to completion.
