David Martin's Terra and a trio of partners landed one of the largest construction loans of the year for their planned condo project in Miami Beach.
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Terra, RG Development Group, GV Development and Lore Development landed a $507M construction loan from Tyko Capital, according to a release.
The deal is among the largest to ever hit South Florida, following Related Ross' $772M construction loan last year for two office towers in West Palm Beach and the $668M construction loan Property Markets Group landed in 2024 for the Waldorf Astoria Hotel & Residences Miami.
The joint venture is planning a 28-story, 106-unit condominium building at 1250 West Ave. with private wellness and recreational amenities, a spa and a padel court. Plans also include underground parking and ground-floor retail.
Terra teamed up with JDS Development, led by Michael Stern, to purchase all of the units of the 61-year-old condo tower on the site for $120M in September 2025, but JDS is no longer involved with the project, a Terra spokesperson confirmed to Bisnow.
Northwind Group lent JDS and Terra $98M to finance the buyout.
The change-up in the lineup comes as Stern faces a handful of lawsuits over his other Miami projects.
Stern's Mercedes-Benz condo project is facing an $80M foreclosure suit, and Fontainebleau Development's Jeff Soffer is in talks to partner on the project as Stern works on $1B in financing, The Real Deal reported.
Stern is also in a back-and-forth with GV Development's Gianluca Vacchi, who joined forces with JDS in 2024 to invest in a $4B development pipeline, including 1250 West Ave. GV Development filed a second lawsuit against the developer in July, claiming that Stern was diverting new investments into other projects and his own projects.
PEOPLE
JLL hired three office brokers from Avison Young to its Fort Lauderdale office, according to a release.
Avison Young's founding partner of Florida operation, Greg Martin, principal Justin Cope and office leasing broker Lisa Blumer landed new roles with JLL to expand its agency leasing and landlord representation team across Broward and Palm Beach counties.
Martin and Cope were named senior managing directors, and Blumer was named senior vice president.
Martin has 30 years of experience in commercial real estate, with a focus on Class-A and B office leasing, and Cope has been in the South Florida commercial real estate scene for 20 years and specializes in Class-A office leasing and landlord representation. Blumer has more than 10 years of experience and specializes in office agency leasing and landlord advisory.
LEASES
Terra landed a 40K SF lease with Walmart for a small-format store at Doral Atrium, the latest project in a fast-growing Miami retail construction pipeline.
The lease brings the 78K SF development to 95% leased as Walmart joins tenants like PNC Bank, Bonchon Chicken, Sushi Mas, Tremble Pilates and The Good Feet Store. There is roughly 8K SF left available for lease.
Doral Atrium shopping center is on the northwest corner of Doral Boulevard and 79th Avenue.
Construction on the store begins this fall and is expected to be completed in 2027.
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BridgePrep Academy signed a 56K SF lease at RK Centers’ California Club Shopping Center in Miami, according to a release.
A CBRE team of Scott Goldstein and Keith Edelman worked on the deal on behalf of the tenant.
The school operator, which has 19 Florida locations, is joining tenants like Planet Fitness, Five Below and Burlington at the shopping center at 750 Ives Dairy Road.
SALES
Coastal Waste & Recycling bought its Pompano Beach headquarters for $35.5M.
Entities managed by Stanley Lomangino and David Halpen sold four Pompano Beach industrial buildings at 2281 NW 16th St. to an entity tracing to Coastal Waste, according to property records provided by Vizzda.
The buildings were developed in 1989 and 2005 and total 31K SF. Coastal Waste, which specializes in recycling services for construction and demolition debris and commercial materials, already lists its address at the property.
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City National Bank of Florida sold a 47K SF office building in Coral Gables to Baptist Health South Florida for $39M, according to property records provided by Vizzda.
The Sevilla Office building at 2855 Le Jeune Road was built in 2007. The ground floor is a retail bank branch with a drive-thru, and a 168-space parking garage is on the first, second and third floors. The rest of the four-story building has 32K SF of office space.
The sale comes as City National Bank moves its office to 145K SF in Coral Gables.
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An entity managed by John Slavik sold two office sites in Boca Raton to an affiliate of Investments Ltd. for $42M, according to property records provided by Vizzda.
Investments purchased six-story and four-story office buildings at 555 to 595 S. Federal Highway totaling 119K SF for $38M. The offices were built in 1968 and 2004 on 2.2 acres.
The second property was a 4K SF building at 880 E. Palmetto Park Road, built in 1973, which sold for $4.5M.
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An affiliate of 13th Floor Investments sold a 74-unit multifamily complex in Delray Beach to an entity tracing to Robbins Property Associates, according to property records provided by Vizzda.
Avalon Trails, a 55-plus community at 14466 Sloan Ridge Drive, had a price tag of $29.3M. Berkadia originated a $19M Freddie Mac loan that matures in 10 years.
The community, built in 2024, spans 15 buildings totaling 114K SF.
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