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.
Oak Row Equities Secures $210.5 Million Financing for Luxury Tower in Miami
Oak Row Equities has successfully closed a substantial financing deal amounting to $210.5 million to fund the construction of their ambitious 2900 Terrace multifamily tower in Miami’s burgeoning Edgewater neighborhood. This financing package comprises a $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan from Canyon Partners Real Estate LLC, indicating a strong backing from reputable financial institutions.
Construction Timeline and Market Demand
Construction for the 2900 Terrace project will commence immediately, with an anticipated completion date set for the fourth quarter of 2027. This initiative is poised to significantly address the notable shortfall of two- and three-bedroom residences within Miami-Dade’s multifamily housing market, which has seen increasing demand as the city continues to thrive.
A Unique Offering in Edgewater
Distinguished as the first condo-quality, purpose-built rental community in Edgewater, the 2900 Terrace development will feature 324 oversized homes. The design emphasizes larger-than-average floor plans and is tailored specifically to meet the needs of sophisticated tenants seeking premium living accommodations. Residents can expect an impressive array of curated amenities alongside 24/7 concierge services that enhance daily living experiences.
Architectural Vision and Community Access
The tower, designed by the acclaimed firm Arquitectonica, is planned to offer stunning views of Biscayne Bay. Located strategically on one of the last undeveloped parcels east of Biscayne Boulevard, the property spans 1.5 acres and will boast spacious landscaped areas, contributing to the overall appeal of Edgewater as a vibrant residential area.
High-End Amenities for Residents
Inside, the units will feature luxurious finishes that will rival traditional for-sale condominiums, utilizing top-tier materials aimed at elevating the living experience. The extensive amenity offerings include a state-of-the-art fitness center, a yoga studio, a pet spa, and co-working spaces that cater to the needs of modern residents.
For outdoor enjoyment, residents will have access to a swimming pool, BBQ grills, summer kitchens, hot tubs, and children’s playgrounds designed for communal interaction and entertainment. Additionally, there will be over 500 parking spots available on-site, complete with EV charging stations to accommodate electric vehicle owners.
Connectivity and Lifestyle in Edgewater
29th Street will facilitate pedestrian access to varied amenities in Wynwood and surrounding areas, including easy proximity to a Whole Foods and a forthcoming Brightline rail station. The Edgewater neighborhood is known for its diverse lifestyle perks, including parks, dining establishments, and vibrant retail options, enhancing the overall attraction of the area.
Oak Row Equities’ Expanding Influence
Founded in 2018, Oak Row Equities has significantly grown its development portfolio, now exceeding $3.9 billion across South Florida. The firm is currently under contract for a $520 million land acquisition for a 4.25-acre waterfront property in Brickell. Additionally, Oak Row is also engaged in multiple office development projects, securing prominent global tenants such as Amazon and Spotify.
Record-Breaking Leasing Activity
Oak Row Equities made headlines when it secured the largest office lease in Miami’s Wynwood submarket, leasing 76,000 square feet to Amazon, further cementing its position as a key player in the region’s real estate market.
Pricing Information
The pricing for the units and ground-floor retail opportunities at 2900 Terrace is available upon request, enticing potential residents and investors alike who are looking to be part of this luxury development.
Deeper Dive: News & Info About This Topic
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
