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 New Miami Multifamily Tower
Oak Row Equities has successfully closed a financing deal worth $210.5 million for their ambitious project known as the 2900 Terrace multifamily tower in Miami’s Edgewater neighborhood. This significant financing package includes a $142.5 million senior loan acquired from Bank OZK and a $68.0 million mezzanine loan facilitated by Canyon Partners Real Estate LLC. The experienced real estate company JLL was instrumental in arranging both loans, paving the way for construction to commence immediately.
The 2900 Terrace multifamily tower will be designed to meet the growing demand for two- and three-bedroom residences within the Miami-Dade area, which currently faces a notable shortage of such units. Expected to be delivered by Q4 2027, this project aims to redefine rental living in Edgewater as it will be the first condo-quality, purpose-built rental community in the area.
Project Overview and Key Features
Encompassing a sprawling 1.5 acres, the 2900 Terrace tower will house 324 oversized homes designed with larger-than-average floorplans to attract sophisticated tenants. The architectural vision of Arquitectonica ensures that every unit provides stunning views of Biscayne Bay. The interior will be adorned with luxurious finishes that rival for-sale condominiums, featuring high-quality materials and innovative designs.
To enhance living experiences, the development will offer 24/7 concierge services as well as a comprehensive range of curated amenities including a state-of-the-art fitness center, a yoga studio, a pet spa, and co-working spaces. Outdoor amenities are equally impressive, with a swimming pool, BBQ grills, summer kitchens, a hot tub, and children’s playgrounds designed to cater to diverse lifestyles and preferences.
Accessibility and Location Benefits
The site benefits from a prime location on one of the last undeveloped parcels east of Biscayne Boulevard. It boasts over 500 parking spots, including dedicated EV charging stations. 29th Street will provide easy pedestrian access to nearby areas such as Wynwood, which is known for its cultural attractions, and other facilities including a Whole Foods grocery store and an upcoming Brightline rail station. The surrounding Edgewater neighborhood offers a rich variety of lifestyle amenities, featuring parks, dining options, and retail outlets.
Company Profile and Future Projects
Founded in 2018, Oak Row Equities has rapidly expanded its development portfolio in South Florida, now worth over $3.9 billion. The firm is currently under contract for a significant $520 million land acquisition of a 4.25-acre waterfront property in Brickell. Additionally, they are actively involved in various office development projects with notable global tenants such as Amazon and Spotify. Recently, Oak Row Equities made headlines by securing the largest office lease in Miami’s Wynwood submarket with Amazon, who has taken up 76,000 square feet of space.
The luxurious design of 2900 Terrace will feature an appealing aesthetic, juxtaposing warm bronze accents with off-white stucco and employing innovative materials that create visual interest. For those interested, pricing for the residential units and ground-floor retail opportunities will be available upon request.
As construction begins for the 2900 Terrace multifamily tower, the project is set to significantly impact the housing market in Miami’s Edgewater neighborhood, catering to the needs of an upscale clientele while serving a crucial need for more diverse apartment options in the area.
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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
