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 for Miami’s Luxury Multi-Family Tower
In a major development for Miami’s real estate market, Oak Row Equities has announced the successful closing of $210.5 million in construction financing for their luxury multi-family tower project, 2900 Terrace, located in the vibrant Edgewater neighborhood. The financing package is split between a $142.5 million senior loan from Bank OZK and an additional $68 million mezzanine loan from Canyon Partners Real Estate.
With construction set to begin immediately, the project is expected to be completed in the fourth quarter of 2027. The tower will house 324 oversized homes, designed by the renowned firm Arquitectonica, offering a range of one-, two-, and three-bedroom layouts. Many of these residences will include large wraparound terraces and dedicated home office spaces, catering to the growing demand for flexible living environments in the post-pandemic era.
Exquisite Interior and Exterior Designs
The interior of 2900 Terrace promises to reflect a sophisticated yet tranquil ambiance, featuring calming color schemes and high-quality materials typically associated with luxury for-sale buildings. The exterior will showcase a unique design aesthetic with warm bronze-like accents, off-white stucco, and a nuanced textured effect on the facade, blending seamlessly with Miami’s architectural landscape.
Lifestyle Amenities and Features
The project is designed to cater to both leisure and productivity, featuring extensive amenities. A state-of-the-art fitness center and yoga studio will support residents’ health and wellness goals, while co-working spaces, podcast studios, and treatment rooms provide versatile environments for work and relaxation. Additional features include a sauna, golf simulator, theater, and a children’s playroom.
Outdoor amenities will enhance the living experience, with a swimming pool, cold plunge, private cabanas, BBQ grills, hot tub, a summer kitchen, and two padel courts. Families will appreciate the children’s playground and co-working terrace, promoting a dynamic community environment. The property will occupy 1.5 acres and will feature 500 parking spots, complete with EV charging stations for electric vehicles.
Prime Location and Accessibility
2900 Terrace is strategically located near Wynwood, a brand new Whole Foods, and a future Brightline rail station, making it ideal for residents who value accessibility and convenience. The Edgewater neighborhood is well-known for its lifestyle amenities, including Margaret Pace Park along with diverse dining and retail options. Major transportation links, such as Miami International Airport, I-95, and Miami Beach, are also easily accessible from this desirable location.
Future Developments and Market Impact
Oak Row Equities, an emerging entity in South Florida’s real estate sector since its founding in 2018, is also pursuing a significant land acquisition in Brickell, with plans for a $520 million development on a 4.25-acre waterfront property. This commitment to substantial investment reflects the firm’s vision to shape Miami’s urban residential landscape, especially by addressing the critical undersupply of high-quality two- and three-bedroom residences in the Miami-Dade area.
Canyon Partners Real Estate has established a strong presence in the region, having invested approximately $1.4 billion in debt and equity capital across the United States. The firm has also capitalized on more than $4.1 billion in Florida projects, demonstrating their commitment to responsible and impactful development in the area.
Conclusion
The development of 2900 Terrace is poised to make a significant contribution to Miami’s housing market, particularly among families and professionals seeking luxurious living spaces. By focusing on high-quality features, extensive amenities, and a prime location, Oak Row Equities aims to redefine modern living in one of Miami’s most sought-after neighborhoods.
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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
