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 Ultra-Luxury Multifamily Tower in Miami’s Edgewater Neighborhood
Oak Row Equities has successfully secured $210.5 million in financing to kick off the construction of the highly anticipated 2900 Terrace multifamily tower in Miami’s vibrant Edgewater neighborhood. This significant financial backing, which comprises a $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan from Canyon Partners Real Estate LLC, marks a major step forward for this ambitious project aimed at elevating the rental market in Miami-Dade County.
Construction of the 2900 Terrace project will commence immediately, with completion expected by the fourth quarter of 2027. This multifamily tower is designed to address the substantial deficit of two- and three-bedroom residences within the area, providing much-needed options for families and professionals alike.
As the very first condo-quality, purpose-built rental community in Edgewater, 2900 Terrace will feature an impressive total of 324 oversized homes. These residences will showcase larger-than-average floor plans customized for sophisticated tenants seeking high-end living. With a focus on luxury, the interior finishes will rival those seen in for-sale buildings, utilizing premium materials and designs.
One of the notable aspects of the development is its architectural design, crafted by the renowned Arquitectonica firm. The design takes full advantage of the protected Biscayne Bay views, ensuring that residents will enjoy breathtaking scenery from their homes. Set on one of the last undeveloped parcels east of Biscayne Boulevard, the project is positioned to become a standout landmark in the area.
The building will also offer a range of curated amenities, including 24/7 concierge services, a state-of-the-art fitness center, a yoga studio, a pet spa, and collaborative co-working spaces. Outdoor amenities will enhance the lifestyle experience further with a swimming pool, BBQ grills, summer kitchens, a hot tub, and children’s playgrounds, all situated within beautifully landscaped areas covering 1.5 acres.
In a bid to support modern urban living, the property will feature over 500 parking spots, including designated EV charging stations. Accessibility is a key priority, with 29th Street offering pedestrian access to nearby amenities, such as Wynwood, a Whole Foods supermarket, and an upcoming Brightline rail station. This ensures that residents will benefit from all the lifestyle conveniences that Edgewater has to offer, from parks to fine dining and various retail options.
Founded in 2018, Oak Row Equities has rapidly built a development portfolio valued at over $3.9 billion in South Florida. The firm is also actively pursuing a significant land acquisition in Brickell for $520 million to develop a 4.25-acre waterfront property. Furthermore, Oak Row Equities has established itself as a key player in office developments, securing significant leases with global companies such as Amazon and Spotify. Notably, the firm achieved a record-breaking 76,000 square foot lease with Amazon in Miami’s Wynwood submarket.
Pricing details for the units within the 2900 Terrace project, as well as opportunities for ground-floor retail spaces, are available upon request, reflecting the level of interest anticipated as construction progresses. With its luxurious design—featuring warm bronze accents alongside off-white stucco and innovative materials—the 2900 Terrace is set to redefine modern rental living in Miami.
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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
