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**Terra and AB Asset Management Secure $410 Million Loan for The Well Coconut Grove**
Terra and AB Asset Management have secured a $410 million construction loan to proceed with their luxury condominium development, The Well Coconut Grove, in Miami. The loan paves the way for the construction of 194 high-end condos on the 2.2-acre site formerly occupied by the Malone Hotel, which has already been demolished.
The financing was provided by Tyko Capital, with Walker & Dunlop representing the developers in securing the deal. The project site is located at 2835 Tigertail Avenue in the heart of Coconut Grove.
Originally acquired by the development team in 2021 for $21.7 million, The Well Coconut Grove aims to redefine luxury living with a strong emphasis on wellness. Planned amenities include a 13,000-square-foot wellness center equipped with a hyperbaric chamber and vitality lounge.
Residents will also enjoy access to a 40,000-square-foot rooftop deck featuring a pool, hot and cold plunge pools, cabanas, a pickleball court, bar, tea garden, and a conservatory offering coworking space and IV therapy services.
The Well Coconut Grove is slated for completion in the fourth quarter of 2028.
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