Miami Beach developers Russell Galbut and David Martin scored a $345 construction loan for their planned residential tower at the entrance to South Beach, marking one of the largest loans to close in South Florida during the pandemic, The Real Deal has learned. Galbut’s GFO Investments and Martin’s Terra are partnering on the project at 500 Alton Road, formerly home to the South Shore Hospital site. The 519-foot tower, which would be the largest in Miami Beach when it’s completed in 2023, is now called Five Park, Martin told TRD.

EXCERPT Blackstone, Apollo Lend $345 Million to Build Miami Beach Tower

Blackstone Group Inc. and funds managed by Apollo Global Management Inc. loaned $345 million for a residential project that will be the tallest building in Miami Beach, paving the way for a groundbreaking next month.

Sellers of houses between 5,000 and 10,000 square feet are well-positioned to make a deal fast in the frenzied U.S. housing market

Miami — Target has signed a 77,000-square-foot lease as part of Terra’s CentroCity mixed-use redevelopment located at 3825 NW 7th St. in Miami.

Meet 5 power players of Florida real estate poised to make bank off finance and tech giants fleeing the coasts

A shopping center in Miami’s West Little Havana neighborhood is being redeveloped into a mixed-use project that will include residential and office space along with retail and restaurants.

More than a dozen developers submitted letters of interest to develop office space

One of Miami Beach’s biggest parks is getting a makeover.

Nature and construction harmoniously combine at Terra and New Valley’s latest development.