Terra Lands Coconut Grove's Largest Construction Loan Ever: The South Florida Deal Sheet
Terra Group closed out the first month of 2026 with a record-breaking construction loan in the wealthy Miami enclave of Coconut Grove.
Terra and its partner, AB Asset Management, landed $410M from Tyko Capital and broke ground on The Well Coconut Grove with plans to open by the end of 2028, according to a release.
The Well Coconut Grove, set to rise eight stories at 2855 Tigertail Ave., will feature 194 residences ranging from one to four bedrooms that span from 960 SF to 4,200 SF. Units start at $1.5M, and more than half have already sold, the developers said.
Walker & Dunlop brokered the deal for the loan, which is the largest construction financing in Coconut Grove history.
The wellness-focused amenities include a 40K SF rooftop with a pool, hot and cold plunges, cabanas and a pickleball court. The wellness center will span 13K SF and feature a communal bathhouse, crystal cave relaxation lounges, a hyperbaric chamber and vitality lounge, physical therapy and functional medicine practices. Residents will also have access to health coaching sessions and discounts on wellness treatments.
FINANCING
Bank OZK provided a $328M construction loan to CMC Group and Fort Partners for Four Seasons Private Residences Coconut Grove, according to a release.
The loan comes after the developers broke ground on the 20-story project at 2699 S. Bayshore Drive in October.
The project, which is the first standalone residential development with the Four Seasons brand, will feature 70 condos. Residents will have access to a yoga studio, library, children’s area, private event room, spa and wellness center, pool with a bar and lounge, and restaurant.
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Rockpoint and 13th Floor Investments formed a joint venture to develop the Link at Boca and secured a $100M construction loan from Santander Bank for the project, according to a release.
The mixed-use multifamily project in Boca Raton at 680 W. Yamato Road is adjacent to the Boca Raton Tri-Rail station. The eight-story project will feature 340 apartments and 24K SF of retail.
The developers plan to break ground on the project this month with a completion expected for 2028.
THIS AND THAT
Nahla Capital tapped Compass Development Marketing Group to lead sales for The Raleigh Rosewood Residences, a planned redevelopment of The Raleigh Hotel in Miami Beach, according to a release.
New York-based Nahla Capital purchased the property for $270M from Michael Shvo, who had a $2B redevelopment plan for the site that stalled over the last two years. It was the second Miami development site that Shvo's development firm sold as he faces scrutiny from German investors across his portfolio.
The previous sales team was One Sotheby's International Realty.
The Compass sales team for the property at 1775, 1757 and 1751 Collins Ave. consists of Miltiadis Kastanis, Pablo Alfaro, Ivan Chorney, Michael Martirena and Liz Hogan.
SALES
An entity tracing to IMC Equity Group purchased a 204-unit apartment complex just north of Homestead from Marlin Springs Development for $33M, according to property records provided by Vizzda.
IMC Equity Group purchased the seven-building complex with a $27M mortgage from Wells Fargo Bank.
The Pine Grove Apartments, built in 2020 at 13081 SW 242nd St., total 180K SF. The one- and two-bedroom units start at $1,635 per month with amenities including a clubhouse, gym, playground and pool, according to Pine Grove's website.
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An entity affiliated with Bridgerton Development Group purchased a hotel near Miami International Airport from HHM Motels for $67M, according to property records provided by Vizzda.
Bridgerton bought the Sheraton Miami Airport Hotel & Executive Meeting Center with a $59M loan from Argentic Real Estate Finance.
The 405-unit hotel spans 10-story and two-story buildings built between 1976 and 2003. The property at 3900 NW 21st St. features a pool and two-story parking garage.
Activate Hospitality sold the Delta Hotels by Marriott West Palm Beach to an entity tracing to Palm Holdings for $23M, according to property records provided by Vizzda.
Kabani Hotel Group’s Suraj Dalal and Ahmed Kabani brokered the deal, the South Florida Business Journal reported. The 200-key hotel was previously a Holiday Inn. The 11-story, 130K SF building was built in 1987 on nearly 4 acres at 1302 Belvedere Road.
The vacant lot neighboring the hotel, which Activate Hospitality also owns, was not part of the deal and has entitlements for another hotel, SFBJ reported.
CONSTRUCTION AND DEVELOPMENT
Property Markets Group and Lndmrk Development have partnered with the estate of legendary artist Frida Kahlo for a condo building in Wynwood.
The Frida Kahlo Wynwood Residences is the first residential project with the official branding of the Mexican painter known for portraits and works inspired by the natural beauty of her homeland.
Plans for the project include eight-story and 14-story towers that will hold 244 residences with short-term rental flexibility. The studio, one-, two- and three-bedroom units will span from 400 SF to 1,170 SF. Prices range from $500K to $1.6M.
Amenities include a pool and lounge, spa, gym, speakeasy-style lobby bar and an on-site Baker Health concierge primary care and holistic wellness with a free first-year membership.
The condo project at 280 NW 26th St. is expected to be delivered in 2029.
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Kempinski Group, a European hospitality brand, announced its first residential project in the U.S., a condo project in the Miami Design District, according to a release.
The Kempinski Residences Miami Design District will span two 20-story towers with 132 residences, six of which will be townhomes. The project features two-, three- and four-bedroom units that will range between 2,100 SF and 3,100 SF.
Prices start around $3.7M. The Arquitectonica-designed project, planned for 3801 and 3883 Biscayne Blvd., has an expected completion date of 2029.
Amenities include a spa, gym, pool, cold plunge, infrared and steam saunas, restaurant with terrace seating, library, screening room, golf and Formula 1 simulator, children’s playrooms and padel court.
PEOPLE
Dallas-based Foss Real Estate Partners welcomed Robert Horton as a partner in the firm. In his new role, where he is based in Miami, Horton will work on Foss’ capital market capabilities, according to a release.
Horton has 15 years of experience across commercial real estate finance, development and asset management. He has structured and closed more than $5B in debt and equity financing for acquisitions, development, construction, value-add and permanent capital.
He joined Foss after most recently serving as managing director at Concord Summit. Before that, he served as a director at George Smith Partners and in asset management with Brookfield Properties.
