Oak Row Equities, a vertically-integrated real estate private equity and development company with over $3.9 billion of development in South Florida, announced the closing of $210.5 million in construction financing for 2900 Terrace. This significant milestone paves the way for the premier luxury multi-family tower in Miami’s Edgewater neighborhood.
This financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate. JLL represented the borrower, arranging both loans. And with full project financing now in place, construction will commence immediately with delivery anticipated in Q4 2027.
Designed by the architecture firm Arquitectonica, 2900 Terrace will introduce a new category of luxury rentals, meeting the demand for high-end living in Miami. Based on one of the last undeveloped parcels east of Biscayne Boulevard in the urban core, the tower has been meticulously designed to ensure protected Biscayne Bay views.
This offering features 324 oversized homes with abundant natural light, spectacular finishes, and beautiful private and shared outdoor spaces. Residents will also benefit from 24/7 concierge services and a wide array of curated amenities.
Canyon (the mezzanine lender) has been an active provider of debt and equity in South Florida and continues to invest in real estate projects in primary and secondary markets across the United States. And since its founding, Canyon has invested approximately $1.4 billion in debt and equity capital across 41 transactions, capitalizing over $4.1 billion of total projects across all asset types in the state of Florida.
Oak Row Equities quickly became a dominant player in the South Florida real estate industry since its inception in 2018. The firm is currently under contract for the most significant single land acquisition in South Florida, a 4.25-acre waterfront property in Brickell, for $520 million. Oak Row plans on building branded ultra-luxury condominiums and a hotel on the parcel, located at 1001 and 1111 Brickell Bay Drive, with 485 feet of continuous Biscayne Bay frontage. The site is zoned for over three million square feet of development, allowing multiple towers that can rise up to 1,049 feet.
Along with its residential portfolio, Oak Row has a substantial development pipeline of new office buildings. Global-caliber tenants in Oak Row’s portfolio include Amazon, Spotify, Equinox, Coastal Construction, and Ferraro Law, among many others. And Oak Row Equities broke its record with Amazon’s lease, which now stands at 76,000 square feet and is the largest office lease ever recorded in Miami’s Wynwood submarket. The entire creative office component at The Oasis (20,000 square feet) was leased to Spotify for its South Florida and Latin America headquarters, which was the largest lease at the highest rent per square foot outside of Downtown Miami at the time of execution in 2020.
At 2900 Terrace, one-, two-, and three-bedroom residences will be crafted for design-conscious renters, with many offering large wraparound terraces and home offices. And interior finishes will rival for-sale buildings, featuring calming color schemes and rich materials that evoke a sense of permanence rarely seen in multi-family towers.
Arquitectonica’s design for 2900 Terrace masterfully juxtaposes warm bronze-like accents with off-white stucco. And inventive material use brings a nuanced textured effect to the lower portions of the facade, while perforated corrugated metal, reflective glass, and charcoal window frames and mullions create visual interest throughout.
The tower’s extensive amenity program spans two levels, with wellness as a guiding principle. And indoor amenities include a state-of-the-art fitness center, yoga studio, pet spa, co-working spaces with podcast studios, a content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater, and a children’s playroom.
A south-facing landscaped deck offers endless opportunities for entertaining and recreation. Outdoor amenities feature a stunning swimming pool, cold plunge, poolside cabanas and lounge seating, BBQ grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground, and a co-working terrace.
Located on 1.5 acres, 2900 Terrace will feature a carefully considered ground-floor experience with landscaped areas set back over 10 feet from the street, offering numerous gathering spaces. Residents will arrive via a covered loggia, and the property will offer over 500 parking spots, including EV charging stations. 29th Street offers convenient pedestrian access to Wynwood and is just one block from a new Whole Foods and a future Brightline rail station.
Edgewater is a submarket offering an array of lifestyle amenities, including the lush eight-acre Margaret Pace Park, chic dining, and retail options. Wynwood, Midtown, and the Design District are just moments away. Miami International Airport, I-95, Miami Beach, and Brickell are all easily accessible from Edgewater.
Advisory team: JLL Capital Market’s Debt Advisory team, representing the borrower, was led by Senior Managing Director Christopher Peck, Managing Director Brian Gaswirth, Senior Directors Nicco Lupo and Nick Lavin, and Vice President John Lowe.
KEY QUOTES:
“We are proud to have successfully closed both the debt and equity capitalization for this transformative project. This development is the result of a highly focused investment thesis grounded in rigorous, data-driven analysis of supply-demand dynamics within Miami-Dade’s multifamily market. Oak Row identified a significant undersupply of two- and three-bedroom residences, particularly those offering the size, quality, and services today’s renters demand.”
“2900 Terrace will set a new benchmark as Edgewater’s first condo-quality, purpose-built rental community—professionally managed, luxuriously finished, and offering larger-than-average floorplans tailored to a sophisticated tenant. The $210 million combined commitment from Bank OZK and Canyon underscores the strength of our vision and execution. We’re excited to help shape the next chapter of Miami’s urban residential landscape.”
Erik Rutter and David Weitz, Managing Partners at Oak Row Equities
“Oak Row Equities is one of South Florida’s most ambitious development firms, and 2900 Terrace marks our third loan to Oak Row in as many years. Our lending focus is on best-in-class assets in best-in-class markets and 2900 Terrace certainly delivers.”
Greg Newman, Senior Managing Director of Originations at Bank OZK
“The successful arrangement of construction financing for 2900 Terrace underscores the continued strength of the Miami multifamily market and highlights the importance of a creative, differentiated business plan and exceptional sponsorship in attracting best-in-class development capital.”
Nicco Lupo
