Terra's High-End Summerhill Towers in Miami Secures $185M
Summerhill will be a 20-story, twin-tower apartment complex with offices and ground-floor retail.
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Terra Group LLC obtained $185 million to build its twin-tower Summerhill apartments, the developer’s latest high-end project in Miami’s Coconut Grove.
The 20-story towers will include ground-floor retail, 32,160 square feet of office space and a 574-space pedestal garage, according to plans submitted to the city last year. The site is a 1.5-acre lot from Tigertail Avenue to Bayshore Drive and near Southwest 27th Avenue.
The construction loan, which closed Friday, came from Mack Real Estate Credit Strategies, the Real Deal reported. The company is part of the New York-based Mack Real Estate Group led by Richard Mack.
Terra demolished a 1969-built, seven-story apartment building with 97 units on the site at 2655 S. Bayshore Drive to make way for its luxury project, which will have views of Biscayne Bay.
The Miami Urban Development Review Board approved the project in July 2018. The Bayshore Grove apartment building was occupied until residents received move-out notices last year.
Apartments at the twin towers will be above a seven-story parking and office pedestal.
Terra, founded and led by father-and-son Pedro and David Martin, has heavily focused on Coconut Grove, where it developed the twin twisting Grove at Grand Bay and the Park Grove condominium towers. It also is developing an office-retail tower with floor-to-ceiling glass walls on Mary Street and the Grove Central mixed-use project at the Coconut Grove Metrorail station.
Arquitectonica and Meyer Davis, a New York-based design firm, are working on Summerhill.
The financing comes shortly after the Federal Reserve lowered the benchmark interest rate by a quarter percentage point to a range of 1.75% to 2% earlier this month. This was the second time in two months the Fed decreased interest rates.
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