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Florida & Gulf Coast  + South Florida  + Apartments  |  December 4, 2025
the Ziggurat
Mike Boyd
By: Mike Boyd

Allen Morris Lands $138.5M Loan for Coconut Grove Venture

Allen Morris Co. secured a $138.5 million construction loan from BDT & MSD Partners through its affiliated funds, and BHI, the U.S. Bank of Bank Hapoalim for the Ziggurat in Coconut Grove. The financing was arranged by Lotus Capital Partners.

Located on 1.7 acres at 3101 Grand Avenue, the development includes two towers: a five-story 100,000 square foot office building, and a three-story condominium building with 18 uluxury residences, and approximately 45,000 square feet of retail space on the ground floor.

The residential component features residences from 1,254 square feet to over 5,000 square feet. Prices range from $3.5 million to $15 million.

Groundbreaking is anticipated for December 2025, with completion expected for early-2028.

Ryan Holtzman, Andrew Trench and Brian Gale with Cushman & Wakefield will manage office leasing alongside Thad Adams with The Allen Morris Company. Daniel Cardenas and Michael Sullivan with Vertical Real Estate will lead the retail leasing efforts.

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Allen Morris

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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