Terra and Partners Secure $507M Construction Loan for 1250 West Avenue in Miami Beach

A Terra-led development partnership has secured a reported $507 million construction loan from TYKO Capital for 1250 West Avenue, a proposed waterfront condominium on the Biscayne Bay side of Miami Beach. The financing was reported on October 8, 2026, before the developers had launched condominium sales.

The development team includes Terra, RG Development Group, GV Development and LORE Development. The planned building would rise 28 stories and contain 106 residences, according to the project information released in October. The loan is an important financing milestone, but it does not establish when construction will start or when the building will be ready for occupancy.

What the $507 million financing covers

TYKO Capital is identified as the construction lender in reporting by Commercial Observer, South Florida Business Journal and Multi-Housing News. A developer-attributed announcement published on October 13 also includes statements from Terra CEO David Martin and TYKO Capital founder and CEO Adi Chugh confirming the parties' involvement.

The reported $507 million figure is the size of the construction financing. It should not be read as the total development budget, the amount already spent, or the projected value of completed residences. The publicly available accounts reviewed for this article do not establish the loan's interest rate, maturity, draw schedule or other contractual provisions.

What makes the sequence notable is its timing. Condominium construction loans are often linked to a developer meeting a presales threshold. At 1250 West Avenue, the financing was announced before the sales launch. That distinction says something about how this particular project is being funded; it does not mean every new condominium in Miami Beach can obtain financing on the same terms.

What is planned for 1250 West Avenue

The address is on the western waterfront of South Beach, overlooking Biscayne Bay. The developers describe a 28-story condominium with 106 residences. Plans outlined in their October announcement include ground-floor retail space, underground parking, swimming pools at ground and rooftop levels, a spa and a padel court. Two penthouse residences are planned to have their own rooftop pools.

These are elements of the announced project, not amenities already delivered. Likewise, the development team's proposal for public-realm improvements near the waterfront should not be confused with completed improvements or unconditional permission to build everything shown in a rendering.

The site has its own redevelopment history. The proposed condominium is intended to replace the former Bay Garden Manor Condominium, a 238-unit building dating from the 1960s. That property was assembled for redevelopment before the October financing news.

What Miami Beach has approved — and what remains different

A City of Miami Beach development agreement provides useful context independent of the financing announcement. In July 2026, the City Commission approved an amended agreement involving 1250 West Ave Owner LLC and West Ave Hospitality Owner LLC. The agreement describes an allowable maximum of 125 residential units, alongside nonresidential uses and public-benefit commitments.

That 125-unit figure is an upper limit in the municipal agreement, not a statement that the current project contains 125 homes. The developer's October materials specify 106 planned residences. Keeping the figures separate matters when comparing public approvals with the design currently being promoted.

The municipal agreement also addresses proposed Baywalk segments and a park or other public use on neighboring property. Some waterfront work may require additional permits or third-party easements. Financing and an approved development agreement therefore should not be treated as proof that every related public improvement has been completed or has every authorization in place.

Sales are expected in 2027; the construction schedule is still open

Terra and its partners said in October that they expected to begin marketing and sales in 2027. That is a developer timeline, subject to change, rather than a confirmed launch date or evidence that homes are currently offered for purchase.

No independently verified construction commencement or completion date was established in the sources reviewed for this report. Buyers who eventually evaluate the project will need its then-current offering documents, specifications, contract provisions and construction timeline rather than relying on the October financing announcement alone.

For the broader Miami Beach condominium market, the news is principally about capital committed to a proposed development before presales. It is not, by itself, evidence of higher local prices, stronger buyer demand, or the near-term arrival of 106 finished homes. The next verifiable milestones will be the launch of sales, confirmed progress at the site and any subsequent changes to project approvals or delivery expectations.