David Martin, partners score $507M loan for South Beach condo tower

Developer David Martin’s Terra and his partners closed on a $507 million construction loan for a skinny-tall luxury condo tower in Miami Beach.  Terra is working with Rafi Gibly’s RG Development, Gianluca Vacchi’s GV Development and Lore Development on the planned 28-story, 106-unit building at 1250 West Avenue. Michael Stern’s JDS Development transferred ownership of the site to Terra last year.  Adi Chugh’s Tyko Capital is providing the financing, according to a news release. The construction loan was secured earlier in the development process than is typical in South Florida. Condo sales haven’t begun, nor details about the project released. […]

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