**Northwind Group Provides $98M Loan for Redevelopment of South Beach Condo Property**
Northwind Group has announced the origination of a $98 million senior secured loan for the acquisition and redevelopment of 1250 West Avenue, a condominium building located in South Beach, Miami.
The loan will support a major redevelopment initiative led by Terra in partnership with JDS Development Group, Rafi Gibly, and Gianluca Vacchi. The joint venture plans to transform the bayfront property into a luxury condominium tower overlooking Biscayne Bay.
The existing structure, originally built in 1964, contained 238 condominium units. Over time, the building had become financially strained due to increasing common charges driven largely by rising insurance premiums and deferred maintenance costs. The sponsors successfully acquired over 95% of the individual units, allowing them to dissolve the condominium association and initiate site demolition.
As part of the redevelopment plan, the team secured entitlements to construct a new residential tower up to 330 feet in height. The new development is expected to include approximately 100 luxury condominium units.
The financing was arranged by a team from Walker & Dunlop, including Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, and Sean Bastian. Legal counsel for Northwind was provided by John Vavas of Polsinelli, while Laura Gangemi Vignola of Gangemi Law Group represented the sponsor.
