Oak Row Equities Secures $210.5 Million Financing for Luxury Tower in Miami

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

Oak Row Equities has successfully closed a substantial $210.5 million construction financing deal for the development of 2900 Terrace, a luxury multi-family tower located in Miami’s Edgewater neighborhood. The financing consists of a $142.5 million senior loan provided by Bank OZK, alongside a $68 million mezzanine loan secured through Canyon Partners Real Estate.

Immediate construction plans for 2900 Terrace will commence, with an expected completion timeframe set for the fourth quarter of 2027. The tower is designed to offer an impressive total of 324 oversized housing units, conceptualized by renowned architectural firm Arquitectonica.

Residential Features and Design Elements

The residential units within 2900 Terrace will cater to a range of lifestyles, featuring one-, two-, and three-bedroom layouts. Many units are designed to include large, wraparound terraces and dedicated home office spaces, appealing to modern residents. The interior finishes boast soothing color schemes and high-quality materials typically seen in for-sale residences, ensuring that future residents enjoy a luxurious living experience.

The façade of the tower will incorporate warm bronze-like accents and off-white stucco with a textured finish, setting a sophisticated aesthetic that aligns with Miami’s urban landscape. The ground-floor experience will be enhanced by landscaped areas, designed to be set back over 10 feet from the street, providing a communal gathering space for residents and visitors.

Amenities Designed for Modern Living

Beyond residential units, 2900 Terrace will offer a plethora of amenities aimed at enhancing the quality of life for its occupants. Highlighted amenities include a state-of-the-art fitness center, yoga studio, pet spa, co-working spaces, podcast studios, treatment rooms, sauna, golf simulator, theater, and a children’s playroom. Outdoor amenities will feature a swimming pool, cold plunge, cabanas, BBQ grills, hot tub, and a summer kitchen, alongside two padel courts and a children’s playground that makes the property ideal for families.

On-site parking will also be abundant, with 500 parking spots available and electric vehicle charging stations integrated throughout. The property will occupy a prime 1.5 acres in the vibrant Edgewater area, a locale known for its rich selection of lifestyle amenities including Margaret Pace Park, and various restaurants and retail options.

Strategic Location and Accessibility

2900 Terrace benefits from its strategic location near cultural and commercial hotspots such as Wynwood, which is home to a new Whole Foods store, as well as future transportation links including a Brightline rail station. Major transportation hubs like Miami International Airport, I-95, and Miami Beach are conveniently accessible, making the area attractive for both residents and investors.

Company Overview and Future Plans

Formed in 2018, Oak Row Equities has made significant strides in the South Florida real estate market, establishing itself as a formidable player. The firm is also pursuing an exciting land acquisition in Brickell, with plans under wraps for developing a 4.25-acre waterfront property projected to be valued at $520 million.

Canyon Partners, which played a key role in financing 2900 Terrace, has invested approximately $1.4 billion in both debt and equity capital across the United States, while also capitalizing over $4.1 billion in Florida projects since its establishment.

With a strong portfolio that includes global tenants such as Amazon and Spotify, Oak Row Equities is committed to addressing the significant undersupply of high-quality two- and three-bedroom residences in Miami-Dade. The firm envisions 2900 Terrace not just as a housing solution, but as a vital contribution to the ongoing transformation of Miami’s urban residential landscape.

Deeper Dive: News & Info About This Topic

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

Author: Daniel Ochoa

Development Reporter. Covers residential construction, mixed-use projects, and real estate development across South and Central Florida. Previously managed planning and zoning coverage for a regional trade publication.