Terra has secured a $183.75 million loan from Monroe Capital’s Real Estate Platform to refinance The Offices at THE WELL Bay Harbor Islands, the recently completed Class A office component of Terra’s wellness-focused mixed-use development in South Florida.
The refinancing follows completion of the 96,000-square-foot office building during the summer of 2026. The property is already more than 90% leased, with tenants including Man Capital, Dwight Capital, TEB Capital Management, NewCo Capital Group, and Legacy Wealth Advisors. The Golden Good Market and THE WELL Club are expected to open on the ground floor in 2027.
The Offices at THE WELL is part of THE WELL Bay Harbor Islands, which Terra describes as the first THE WELL-branded office and residential project in the United States. The broader development includes an eight-story residential component with 65 luxury residences and more than 22,000 square feet of amenities.
Terra designed the property around the integration of workplace, hospitality, and wellness. Office amenities include rooftop meeting and gathering spaces, community gardens, fitness programming, an elevated outdoor courtyard, health coaching, concierge services, and spa privileges. The residential amenity program includes a wellness center and THE WELL Club.
Monroe Capital’s Real Estate Platform provides structured debt and equity financing across property types and markets. The financing expands Monroe’s middle-market real estate activity while providing Terra with long-term capital following the building’s completion and leasing ramp.
Walker & Dunlop Capital Markets Institutional Advisory represented Terra in the transaction. The advisory team was led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, and Jordan Casella.
Terra is also developing THE WELL Coconut Grove in Miami and has developed more than eight million square feet of residential, commercial, and mixed-use projects across South Florida.
KEY QUOTES:
“Securing this refinancing following the building’s completion and strong leasing performance speaks to the strength of the project and the demand we’re seeing for a more wellness-focused workplace. We set out to create an office environment that rethinks the relationship between work and wellness, and the response from tenants has validated that vision.”
David Martin, CEO Of Terra
“We are excited to close this financing for David Martin and the Terra team. They are one of the highest-quality sponsors in the market, and this is a Class A+ asset that is newly completed and already more than 90% leased.”
Kyle Asher, Partner And Co-Head Of Monroe Capital’s Alternative Credit Solutions Group
“The strong leasing momentum and differentiated wellness-focused concept at THE WELL Bay Harbor Islands created an opportunity to structure a refinancing that aligned with Terra’s long-term objectives.”
Keith Kurland, Senior Managing Director Of Capital Markets And Co-Head Of Institutional Advisory At Walker & Dunlop
