Terra and Russell Galbut Land $103M for New Miami Beach High-Rise Condo

Florida developers Terra and Russell Galbut secured a $103.2 million inventory loan from Apollo Global Management (APO) for a newly completed high-rise condo in South Beach, property records show.

In December, the joint venture completed Five Park, a 48-story building featuring 227 condominium units at 500 Alton Road, next to the entrance of the MacArthur Causeway. The 519-foot building is now one of the tallest in Miami Beach and has an estimated sellout of $1 billion. 

So far, about 90 percent of units have sold, according to Terra. This month, one of the penthouses, spanning 5,545 square feet, sold for $21 million — making it the building’s most expensive sale to date. In December, another penthouse traded for $17 million, The South Florida Business Journal reported. 

“This new financing provides added flexibility as we enter the final phase of our sales campaign,” according to a statement from Terra CEO David Martin. 

The Miami-based developer teamed up with Galbut’s family office, GFO Investments, which, since 2004, has owned the site, previously a 10-story hospital building. In 2021, the developers broke ground on Five Park after landing a $345 construction loan from Blackstone and Apollo. The joint venture paid off the mortgage in December, per a Terra representative. 

As part of the approval with the City of Miami Beach, the developers also built a public park that abuts the Arquitectonica-designed condominium, which counts 50,000 square feet of amenities. To satisfy another condition, construction got underway last month for a public pedestrian bridge going over Macarthur Causeway. 

Julia Echikson can be reached at jechikson@commercialobserver.com.