MIAMI — Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. JLL arranged both loans for Oak Row Equities. Construction has begun with completion slated for the fourth quarter of 2027.
Units at 2900 Terrace, designed by architecture firm Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity program spans two levels and includes a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, card room, resident lounge, sauna, golf simulator, theater and a children’s playroom.
A south-facing landscaped deck offers such outdoor amenities as a pool, cold plunge, poolside cabanas and lounge seating, grills and picnic seating, a hot tub, summer kitchen, a children’s playground and a coworking terrace.
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.
Oak Row Equities also is under contract on a 4.3-acre waterfront property along Biscayne Bay in Miami’s Brickell area for $520 million. The firm is planning to build condos and a hotel on the site, which is zoned for approximately 3 million square feet of development.