Miami — Terra and Grass River have secured $245 in permanent financing for Grove Central, the developers’ recently completed mixed-use project in the Coconut Grove neighborhood of Miami. JP Morgan Chase & Co. issued the loan, which will be used to pay off the development’s existing construction loan, provided in 2021 by Apollo Global Management. The property features a 23-story residential tower, as well as 170,000 square feet of retail space. More than 95 percent of the retail space has been leased to tenants including Target, Sprouts Farmers Market, Club Studio, Total Wine & More and Five Below. Black Sheep Coffee, Mattress Firm, Chipotle Mexican Grill, T-Mobile, Woof Gang Bakery and Pacific Dental are also scheduled to open at the development this year. Walker & Dunlop arranged the financing on behalf of Terra and Grass River, and Keith Kurland served as the mortgage broker.
Terra, Grass River Secure $245 Million Financing for Mixed-Use Project in Miami