Terra Lands $184M Refi for Miami Office

Terra has secured a $183.75 million refinancing loan from Monroe Capital’s Real Estate Platform for The Offices at THE WELL Bay Harbor Islands, the Miami-based developer’s Class A office building in Bay Harbor Islands, Fla., outside of Miami.

This financing follows the 96,000-square-foot office building’s completion this summer. The property is already more than 90 percent leased. Tenants include Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors.

In addition, the ground floor is the future home of The Golden Good Market and THE WELL Club, which are both expected to open in 2027.

The Offices at THE WELL is part of Terra’s larger THE WELL Bay Harbor Islands wellness-focused mixed-use development. In addition to the office component, the development includes an eight-story residential building with 65 luxury residences and more than 22,000 square feet of amenities, including THE WELL Club.

Terra announced the mixed-use project in 2023 and received $141.8 million in construction financing, Commercial Property Executive previously reported.

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Walker & Dunlop Capital Markets Institutional Advisory, led by Senior Managing Directors Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly and Sean Reimer and Managing Director Jordan Casella, represented Terra in the transaction.

Aside from THE WELL Bay Harbor Islands, Terra is currently developing THE WELL Coconut Grove, a wellness-focused residential community in Miami’s Coconut Grove neighborhood.

Reasons to be sunny

As office visits continued to rise in multiple U.S. metros over the summer, greater Miami was leading the pack. In June, the metro’s office visits surpassed its 2019 levels by 7.8 percent, according to data from Placer.ai. Miami was the only major metro to reach that milestone.

Similarly, Yardi Matrix data reported by Commercial Property Executive earlier this week shows that the Miami office market is still among the strongest in the nation, with one of the lowest vacancy rates in the U.S.

For example, as of August the metro had 2.9 million square feet of office space under construction across 15 projects, making it one of only six gateway cities nationwide with an office construction pipeline exceeding 1 million square feet.