David Martin scored a $410 million construction loan for his second Well-branded condo project, a 194-unit development slated to open in 2028.
Martin’s Terra teamed up with Miami Beach-based AB Asset Management, led by Getzy Fellig and Sam Zalmanov, for the eight-story Well Coconut Grove planned at 2835 Tigertail Avenue, according to a news release. Tyko Capital, a New York-based real estate firm backed by Elliott Investment Management, provided the financing.
Tyko has funded construction loans for some of Martin’s other projects in South Florida, including his planned Mr. C Hotel & Residences West Palm Beach.
The Well Coconut Grove is more than 50 percent pre-sold, according to the release.
The building’s units will span between one- and four-bedrooms and range from 960 to 4,200 square feet. The project’s design team includes Arquitectonica and interiors firm Meyers Davis. Some condos will include “wellness dens” designed for massages, meditation and workouts. Prices start at $1.5 million with Douglas Elliman leading sales for the project.
Amenities will include a rooftop pool, hot and cold plunges, a tea garden, a conservatory, a pickleball court, and a wellness center with a bathhouse, hyperbaric chamber, and crystal cave lounges. Residents will also have access to health coaching services, discounts on wellness treatments and the Well Locker, which will have infrared blankets, lymph boots and Theraguns to check out.
The Well is a private wellness club in New York. Terra launched its first Well-branded condo in 2022 with a $141 million construction loan for the 66-unit development slated to open this year. The project includes 95,000 square feet of office and 16,000 square feet for a Well club location. Tom Brady’s family office, TEB Capital Management, leased 8,400 square feet for its headquarters at the Well Bay Harbor Islands.
