**Allen Morris Co. Secures $138.5M Loan for Ziggurat Development in Coconut Grove**
Allen Morris Co. has secured a $138.5 million construction loan for its upcoming Coconut Grove development, the Ziggurat. The financing was provided by BDT & MSD Partners through affiliated funds, along with BHI, the U.S. branch of Bank Hapoalim. The deal was arranged by Lotus Capital Partners.
Located on a 1.7-acre site at 3101 Grand Avenue, the Ziggurat will feature two distinct towers. One will be a five-story, 100,000-square-foot office building, while the other will be a three-story condominium housing 18 luxury residences. Additionally, the development will include approximately 45,000 square feet of retail space on the ground level.
Residential units will range in size from 1,254 square feet to more than 5,000 square feet, with pricing between $3.5 million and $15 million.
Construction is expected to break ground in December 2025, with project completion slated for early 2028.
Leasing for the office space will be managed by Ryan Holtzman, Andrew Trench, and Brian Gale of Cushman & Wakefield, in collaboration with Thad Adams of Allen Morris Co. Retail leasing will be led by Daniel Cardenas and Michael Sullivan of Vertical Real Estate.
