Terra and AB Asset Management secured a $410 million construction loan, allowing them to move ahead on the construction of 194 condos at the site of the former Malone Hotel. The hotel has since been demolished and the development team is ready to go on what will be dubbed the Well Coconut Grove.
Tyko Capital provided the loan to the team ofTerra and AB Asset Management. It covers the 2.2-acre site at 2835 Tigertail Ave. Walker & Dunlop represented the developers in securing the loan.
The developers acquired the property for $21.7 million in 2021.
Amenities include a 13,000 square feet wellness center that has a hyperbaric chamber and vitality lounge.
The project will also have a 40,000-square-foot roof deck with a pool, hot and cold plunge pools, cabanas, a pickleball court, plus a bar, a tea garden, and a conservatory with space for coworking and IV therapy.
The Well Coconut Grove is expected to be completed in the fourth quarter of 2028.
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