Terra Lands $507M TYKO Loan for 1250 West Avenue in Miami Beach
TYKO Capital lent Terra $507M for 1250 West Avenue, a 28-story, 106-home Miami Beach bayfront condo: about $4.8M of debt per home, before sales open.
Terra, with partners RG Development Group, GV Development and LORE Development, has closed a $507 million construction loan from TYKO Capital for 1250 West Avenue, a 28-story, 106-residence condo tower on the Biscayne Bay side of Miami Beach. Terra announced the financing on Oct. 8. Sales are not expected to start until 2027.
Why it matters
The lender is funding this tower before a single residence has been offered to buyers. Miami condo lenders usually want heavy presales first. At $507 million across 106 homes, that is about $4.78 million of debt per residence, a bet that the bayfront in South Beach will clear at ultra-luxury prices.
This is Terra’s third big loan from TYKO. The lender put up $285 million for Terra’s Mr. C Hotel & Residences West Palm Beach and a record $410 million for THE WELL Coconut Grove in January, per Commercial Observer. Add $527 million to Related Group and Integra for St. Regis Residences Brickell in 2024 and $322 million to Integra for the Rybovich marina site in August, and the five South Florida TYKO loans we can document come to about $2.05 billion. Three of the five went to Terra. TYKO is a joint venture between founder Adi Chugh and Elliott Investment Management.
The site is also a condo swap. The Miami Beach Design Review Board unanimously approved the 330-foot tower in May to replace a 15-story, 238-unit condo building from 1964, according to Florida YIMBY. The new tower will hold 106 residences, 132 fewer homes, averaging nearly 3,500 square feet each.
The numbers
- Loan: $507 million from TYKO Capital, about $4.78 million per residence.
- Building: 28 stories, about 330 feet, 106 residences, two penthouses with private rooftop pools.
- Program: ground-level and rooftop pools, spa, padel court, underground parking, ground-floor retail.
- Public side: proposed upgrades to the Baywalk along Miami Beach’s western waterfront.
- Interest rate, term and sales pricing: not disclosed.
The developers
Terra, led by CEO David Martin, recently finished Five Park at 500 Alton Road and is building the 800-room Grand Hyatt Miami Beach next to the convention center. LORE Development is on its second financing headline this week, after a $58 million loan for The Lincoln in Coconut Grove.
What’s next
Watch for the demolition of the 1964 building and a Miami Beach building permit, which will show the declared construction value. Sales open in 2027. More on the market is on the South Florida hub.
On the record
What we checked ourselves, and where you can check it too.
- Our data$507M across 106 residences is about $4.78M of construction debt per home, before a single unit has been offered for sale (sales start in 2027).View the record on floridayimby.com
- Our coverageFive South Florida TYKO Capital loans we can document total about $2.05B: $527M for St. Regis Brickell (2024), $285M for Terra's Mr. C West Palm Beach, $410M for Terra's THE WELL Coconut Grove (Jan. 2026), $322M for Integra's Rybovich marina site (Aug. 2026) and now $507M for 1250 West Avenue. Three of the five went to Terra.Read our earlier story →
- Our coverageThe tower replaces a 238-unit, 1964 condo building with 106 residences, 132 fewer homes on the same bayfront site.View the record on floridayimby.com