Terra Group and partner AB Asset Management have closed a $410 million construction loan from Tyko Capital for The Well Coconut Grove, marking the largest development financing in the leafy Miami enclave's history.

The eight-story project at 2855 Tigertail Avenue will feature 194 residences ranging from one to four bedrooms, spanning 960 to 4,200 square feet. Units start at $1.5 million, and more than half have already sold, according to the developers. Walker & Dunlop brokered the record-setting loan. Delivery is expected by the end of 2028.

The Well is positioning itself as a wellness-focused development in a market increasingly saturated with standard luxury amenities. The project will include a 40,000-square-foot rooftop featuring a pool, hot and cold plunges, cabanas, and a pickleball court. A 13,000-square-foot wellness center will house a communal bathhouse, crystal cave relaxation lounges, a hyperbaric chamber, vitality lounge, and on-site physical therapy and functional medicine practices. Residents will also receive health coaching sessions and discounts on wellness treatments.

The financing arrives amid a notable uptick in Coconut Grove development activity. Earlier this month, Bank OZK provided a $328 million construction loan to CMC Group and Fort Partners for Four Seasons Private Residences Coconut Grove, a 20-story, 70-unit project at 2699 S. Bayshore Drive that represents the Four Seasons brand's first standalone residential development.

For Coconut Grove, the back-to-back nine-figure construction loans signal lender confidence in the neighborhood's transition from a sleepy village enclave to a destination for high-end condo development. The submarket's combination of mature tree canopy, walkability, and proximity to Brickell has attracted buyers priced out of Miami Beach while seeking an alternative to Downtown's density.