Terra secured $185 million in construction financing for its next development in Coconut Grove.
Mack Real Estate Credit Strategies is providing the loan to Terra for the Bayshore Grove project at 2655 South Bayshore Drive in Coconut Grove, according to property records.
In April, Terra affiliate CG Summer Investments LLP filed a notice of commencement to demolish the former Summerhill Apartments building on the site.
Terra said Meyer Davis and Arquitectonica are designing a luxury residential project to be built on the 1.5-acre lot, which is one parcel away from Terra’s Grove at Grand Bay, a pair of Bjarke Ingels-designed luxury condo towers.
Previous plans for the project called for two 20-story towers with about 300 residential units, 32,000 square feet of office space, a pool deck and parking, according to the South Florida Business Journal.
The property is across the street from Regatta Harbour, a 9.5-acre, mixed-use bayfront development with more than 100,000 square feet of retail and restaurants, a new marina, dry boat storage and more. Treo Group is developing that project.
Source: The Real Deal
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