Terra and its development partners secured a reported $507 million construction loan from Tyko Capital for 1250 West Avenue, a planned 28-story, 106-unit condominium tower in Miami Beach. The financing was reported before presales began; the sales launch is planned for 2027. The reports do not disclose the loan’s detailed terms or a construction start date.
Who is financing the project, and who is developing it?
Tyko Capital is providing the reported construction financing to a partnership led by Terra. The other development partners named in reporting are GV Development, LORE Development and RG Development Group. Commercial Observer reported the loan on October 8, 2026, and South Florida Business Journal also reported the $507 million financing.
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Commercial Observer says Tyko’s debt platform is backed by Elliott Management. That describes the platform’s backing; the reports do not provide the loan’s interest rate, maturity, recourse or draw schedule.
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What is planned for 1250 West Avenue?
The proposed tower would stand on a 1.91-acre site on South Beach’s western waterfront, facing Biscayne Bay. Commercial Observer describes it as a 330-foot, 28-story building with 106 residences. The project would replace Bay Garden Manor, a 15-story, 238-unit condominium built in 1964. Commercial Observer reported that Terra bought out the existing building for $120 million in 2025.
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South Florida Business Journal reported that the developers obtained project approvals in May 2026. It gives a planned unit-size range of 1,692 to 5,066 square feet; prices have not been announced. Commercial Observer also reported that Michael Stern is no longer involved in the project.
What does the $507 million loan signal about timing?
The financing was secured before presales began. The sales launch is planned for 2027, according to both reports. Commercial Observer characterized financing before sales launch as unusual for a South Florida luxury condominium project, noting that lenders typically require a sales threshold before providing construction financing. That is the outlet’s qualitative description, not a quantified industry rule.
The loan announcement does not establish that construction has started, that all permits are final, or that the tower will be completed on a particular schedule. South Florida Business Journal reported that the developers had not said when construction would begin.
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What public spaces and amenities are planned?
The partners have agreed to build a pedestrian Baywalk along Biscayne Bay and replace the neighboring Bikini Hostel site with a public park, according to South Florida Business Journal. Commercial Observer reported that the hostel was acquired and demolished as part of obtaining approval for the planned tower.
Reported building features and amenities include:
- Rooftop pools and an underground parking garage
- A padel court and ground-floor retail
- A spa and wellness center, plus ground-level pools, according to South Florida Business Journal
- A private pool for each of the two top-floor penthouses, according to South Florida Business Journal
Commercial Observer reported that the tower does not have a brand attached.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is still undisclosed?
The reports do not state the construction loan’s interest rate, maturity, recourse terms or draw schedule. They also do not give condo prices or a construction start date. Although project approvals were reported in May 2026, that alone does not establish a start date or completion schedule.
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