Terra, Turnberry Get Loan for Miami Beach Convention Hotel

David Martin and Jackie Soffer’s long-planned convention center hotel in Miami Beach is moving forward.

Martin’s Terra and Soffer’s Turnberry secured a $392 million construction loan from Adi Chugh’s Tyko Capital, according to sources. The developers plan to build a 17-story, 800-room hotel next to the Miami Beach Convention Center. The loan was first reported on the Bloomberg Terminal.

Tyko, which has become an increasingly active lender in South Florida, is a joint venture between debt broker Chugh and billionaire hedge funder Paul Singer’s Elliott Investment Management.

In October, Terra and Turnberry secured a $75 million taxpayer infusion for the Grand Hyatt-branded development at the intersection of 17th Street and Convention Center Drive. Miami-Dade County commissioners voted to approve the grant, provided through the Miami Beach Redevelopment Agency.

Preconstruction site work is completed, and the developers will next break ground on vertical work. The project is expected to be completed by the end of 2027.

The project, designed by Arquitectonica’s Bernardo Fort-Brescia, will have 12 stories of hotel rooms, a pool deck, restaurant, lobby lounge and bar, and retail space. It will connect to the convention center via an air-conditioned skybridge. The convention center underwent a $600 million renovation that was completed in 2018.

The hotel has been in the works for years, and was stalled due to a gap in financing exacerbated by pandemic-era cost increases, the developers have said. Voters approved the project, on city-owned land, in 2018.

New York-based Tyko has a relationship with Terra. In December, Terra and One Thousand Group scored a $285 million construction loan from Tyko for Villa Miami, a Major Food Group-branded condo tower in Edgewater.

Tyko also provided a $527 million construction loan in September for the 50-story, 152-unit St. Regis Residences, Miami, condo tower at 1809 Brickell Avenue in Miami; as well as a $565 million refinancing in July of the newly built 830 Brickell office tower, also in Miami.

Eastdil Secured arranged the $392 million loan for the convention center hotel.