At a glance
- Commercial Observer reported the deal on Oct. 8.
- Tyko's debt platform is backed by Elliott Management.
- The tower replaces a 15-story condo building completed in 1964, which Terra, led by David Martin, bought out of 238 units for $120 million last year, The Real Deal reported.
A Terra-led partnership has secured a $507 million construction loan from Tyko Capital for a 28-story, 106-unit condo tower at 1250 West Avenue on South Beach's Biscayne Bay waterfront. Commercial Observer reported the deal on Oct. 8.
Pre-sales are scheduled to start next year, a sequence Commercial Observer describes as unusual for a South Florida luxury condo.
Tyko's debt platform is backed by Elliott Management. "Miami Beach continues to be one of the most supply-constrained luxury markets in the country, and opportunities to build on the bay at this scale are rare," Tyko's Adi Chugh said in a statement.
The tower replaces a 15-story condo building completed in 1964, which Terra, led by David Martin, bought out of 238 units for $120 million last year, The Real Deal reported. To win approval for a 330-foot tower, the developers also acquired and demolished the Bikini Hostel across the street and plan a public park there.
The partners include GV Development, the firm of Gianluca Vacchi; LORE Development Group, the Miami partnership between Leste Group and Brazil's Opportunity Fundo de Investimento Imobiliário; and Rafi Gibly's RG Development Group. The project has no brand attached and will include rooftop pools, an underground garage, a padel court and ground-floor retail.
For Tyko, this is a second loan for the same sponsor: Commercial Observer reports the lender also provided $392 million for Terra's 800-room hotel next to the convention center. Terra completed Five Park, a 48-story condo tower near the MacArthur Causeway entrance, in 2024.
Reported by the Real estate debt desk from Commercial Observer, The Real Deal (as cited by Commercial Observer), Connect CRE and Commercial Observer (via Private Real Estate Daily archive, Oct. 8, 2026). Published . Updated Oct 27, 2026 · 10:24 a.m. ET. Corrections