Terra has refinanced The Offices at THE WELL Bay Harbor Islands with a $183.75 million loan from Monroe Capital’s Real Estate Platform. Announced October 14, the financing follows the completion of the 96,000-square-foot office building this summer.
The Class A office component is more than 90% leased, according to Terra. Its tenants include Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors.
Walker & Dunlop Capital Markets Institutional Advisory represented Terra in the transaction. The team included Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella. The announcement did not disclose the loan’s interest rate or maturity.
“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,” said David Martin, CEO of Terra.
The office building forms part of THE WELL Bay Harbor Islands, a mixed-use development that pairs workplaces with an eight-story residential component containing 65 homes. Terra describes it as the first project in the United States to combine THE WELL-branded offices and residences.
The workplace amenities include rooftop meeting and gathering areas, community gardens and an elevated courtyard for outdoor work and socializing. Office tenants are also offered preferred access to the development’s wellness services.
The Golden Good Market and THE WELL Club are planned for the ground floor, with both slated to open in 2027. Those openings remain forthcoming, separate from the office building’s completed construction and current leasing activity.
The financing adds to Terra’s activity in developments combining real estate and wellness programming. The company is also developing THE WELL Coconut Grove and has developed Mary Street, an office and retail property in Coconut Grove.
Image via Terra. Architectural rendering.
Past PROFILEmiami articles about The Offices at THE WELL:
For more information about The Offices at THE WELL, fill out the form below:
Terra has secured $183.75 million from Monroe Capital to refinance the 96,000-square-foot Offices at THE WELL Bay Harbor Islands, which is more than 90% leased.