A joint venture of the Terra Group and the Related Group has secured $145 million in financing for the waterfront development Park Grove, in Coconut Grove. The project will include two 20-story towers with 72 units each and a third 20-story tower with 140 units which will be located on South Bayshore Drive. Financing was provided by Mack Real Estate Credit Strategies. Regions Bank was the original lender, and issued a separate $15 million mortgage for the project this week, bringing the total financing to $174 million. According to the developer, over 95 percent of the units in the first two towers have already been sold while sales in the third tower begin early next year.
