News Summary
Oak Row Equities has announced a $210.5 million financing deal for the construction of 2900 Terrace, a luxury multi-family tower in Miami’s Edgewater neighborhood. The project will feature 324 residential units with modern amenities, including a fitness center and co-working spaces. With strategic access to cultural hotspots and major transport links, 2900 Terrace aims to enhance Miami’s urban landscape and address the demand for high-quality housing. Construction is set to begin soon, with an expected completion in late 2027.
Oak Row Equities Secures $210.5 Million Financing for Luxury Tower in Miami
In a significant development for Miami’s real estate market, Oak Row Equities has announced the closing of a $210.5 million financing package for its luxury multi-family tower, 2900 Terrace, located in the vibrant Edgewater neighborhood. This newly secured funding will kick-start the construction of the high-end property, with work expected to commence immediately and completion projected for the fourth quarter of 2027.
Financing Details
The financing structure includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate. As part of the arrangement, JLL represented Oak Row Equities to ensure the successful acquisition of both loans, laying the groundwork for what promises to be a hallmark addition to Miami’s luxury housing.
Project Specifications
The 2900 Terrace tower will feature 324 oversized homes, designed by the renowned architecture firm Arquitectonica. The residences will offer various layouts, including one-, two-, and three-bedroom options, with numerous units boasting expansive wraparound terraces and dedicated home offices that cater to modern living needs.
In line with luxury expectations, the interiors will be enriched with calming color schemes and high-quality materials typically associated with upscale residential properties. The design aesthetic will incorporate warm bronze-like accents, off-white stucco, and a textured facade that adds visual interest.
Exclusive Amenities
The extensive list of amenities at 2900 Terrace will set a new standard for luxury living. Residents can look forward to a state-of-the-art fitness center, a dedicated yoga studio, and an on-site pet spa. For those working remotely, co-working spaces and podcast studios will be available. Other features include treatment rooms, sauna, golf simulator, theater, and a children’s playroom.
The outdoor amenities will be equally impressive, showcasing a swimming pool, cold plunge, private cabanas, BBQ grills, a hot tub, and a summer kitchen. Additionally, the property will boast two padel courts, a children’s playground, and a co-working terrace, allowing residents to enjoy an engaging community environment.
Parking and Ground Floor Experience
2900 Terrace will occupy 1.5 acres and will include 500 parking spots, complete with electric vehicle (EV) charging stations. The ground floor will feature landscaped areas set back more than 10 feet from the street, creating inviting gathering spaces that enhance the overall appeal of the property.
Community Attractions and Accessibility
Located near Wynwood, the new Whole Foods, and a future Brightline rail station, the Edgewater neighborhood offers residents easy access to lifestyle amenities, including Margaret Pace Park, a variety of dining options, and expansive retail choices. Major transportation routes, including Miami International Airport, I-95, and Miami Beach, are also conveniently located nearby, enhancing the area’s overall appeal.
Oak Row’s Position in Real Estate and Future Developments
Founded in 2018, Oak Row Equities has quickly become a significant player in the South Florida real estate scene. The firm is currently under contract for a notable land acquisition in Brickell, aiming to develop a 4.25-acre waterfront property project valued at $520 million. Their overall strategy includes a robust pipeline of new office buildings and residential projects to meet the growing demand in the area.
With the launch of 2900 Terrace, Oak Row aims to address a pressing need for high-quality two- and three-bedroom residences in Miami-Dade. The project reflects a commitment to providing not only luxurious living spaces but also a professional management approach to ensure the community thrives within South Florida’s dynamic urban landscape.
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Additional Resources
- Pulse 2.0: Oak Row Equities Secures $210 Million
- Law360: Oak Row Lands $210.5M in Loans
- Business Wire: Oak Row Wins Approval for First Fifth
- Connect CRE: Oak Row Closes on Miami High Rise Financing
- GuruFocus: Oak Row Secures $210.5 Million Financing
- Wikipedia: Miami
- Google Search: 2900 Terrace
- Google Scholar: Miami Real Estate
- Encyclopedia Britannica: Miami
- Google News: Oak Row Equities
