Oak Row Equities Secures $210.5 Million Financing for Miami Tower

News Summary

Oak Row Equities has secured $210.5 million in financing for the 2900 Terrace multifamily tower in Miami’s Edgewater neighborhood. The funding includes a senior and mezzanine loan, allowing construction to start immediately. The development aims to provide 324 oversized rental units to meet the demand for two- and three-bedroom residences in the area, with a delivery date set for late 2027. The project will also feature high-end finishes, extensive amenities, and a prime location near cultural attractions and essential services.

Major Financing Secured for New Luxury Multifamily Tower in Miami

Oak Row Equities has secured $210.5 million in construction financing for its latest development project, the 2900 Terrace, which is set to be built in the vibrant Edgewater neighborhood of Miami. Construction is slated to begin immediately, with completion expected in Q4 2027.

Financing Details

The substantial financing package is comprised of two loans: a $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan from Canyon Partners Real Estate LLC. JLL represented Oak Row Equities in arranging both loans, marking a significant step in the development process for the 2900 Terrace project.

Addressing Local Housing Demand

The 2900 Terrace aims to tackle the severe undersupply of two- and three-bedroom residences in the Miami-Dade multifamily market. It will be the first condo-quality, purpose-built rental community in Edgewater, catering to a demographic seeking luxury living spaces.

Project Features

This ambitious development will feature 324 oversized homes, designed with larger-than-average floor plans to attract sophisticated tenants. The tower will provide round-the-clock concierge services and a variety of curated amenities, ensuring that residents experience an elevated lifestyle.

Architectural Design

The architectural vision for 2900 Terrace is spearheaded by the renowned firm, Arquitectonica. The design promises to offer protected views of Biscayne Bay, enhancing the aesthetic appeal of the project. The building will boast an exterior adorned with warm bronze accents contrasting with off-white stucco, creating a visually striking appearance.

A Range of Amenities

Residents at 2900 Terrace can look forward to an extensive amenity program that includes a state-of-the-art fitness center, a dedicated yoga studio, a pet spa, and co-working spaces. Additionally, outdoor amenities will encompass a luxurious swimming pool, BBQ grills, summer kitchens, a hot tub, and children’s playgrounds.

Comprehensive Infrastructure

The development site spans 1.5 acres and includes landscaped areas along with over 500 parking spots, which will feature electric vehicle charging stations. The strategic positioning of 29th Street aims to provide pedestrian access to Wynwood, enhancing connectivity with nearby facilities, including a Whole Foods and a future Brightline rail station.

Community Living in Edgewater

Edgewater is known for its variety of lifestyle amenities, including parks, dining, and shopping options, making it an attractive choice for prospective residents. Oak Row Equities has positioned 2900 Terrace to take full advantage of the thriving community, ensuring that future tenants will have access to both essential and luxury services.

Company Background

Founded in 2018, Oak Row Equities has rapidly expanded its development portfolio, surpassing $3.9 billion in South Florida. The firm is also under contract for a $520 million land acquisition for a 4.25-acre waterfront property in Brickell and is actively engaged in various office development projects with global tenants, including Amazon and Spotify. Additionally, Oak Row Equities set a record for the largest office lease in Miami’s Wynwood submarket, further solidifying its position in the real estate market.

Conclusion

The luxurious design and extensive offerings of the 2900 Terrace project highlight Oak Row Equities’ commitment to enhancing the Miami-Dade residential landscape. With a focus on quality living and a strategic location, this development is poised to redefine luxury multifamily housing in the area. Pricing details for the units and ground-floor retail opportunities are available upon request, paving the way for an exciting new chapter in Miami’s real estate scene.

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Additional Resources

• Law360: Oak Row Lands $210.5M in Loans for Miami Tower Project
• Google Search: Oak Row Equities
• MultiHousing News: Alta Developers Receives $94M Construction Loan for Miami Luxury Condos
• Wikipedia: Miami
• Commercial Observer: Miami Design District – Cassi Dacra
• Encyclopedia Britannica: Miami
• JLL: Construction Loan for Luxury Mixed-Use Brickell Development
• Google News: Miami Luxury Mixed-Use Developments
• BDC Network: Top 10 Trends in the Luxury Multifamily Housing Market
• Google Scholar: Luxury Multifamily Housing