Terra Secures $183.75 Million Refinancing for THE WELL Offices in Bay Harbor Islands

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.

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Fisher Brothers Secures $117.5 Million Refinancing from Bain Capital for Joule House, A New Mixed-Use Multifamily Community in Wynwood

Fisher Brothers, the fourth-generation real estate company known for creating design-forward, community-oriented destinations across the country, has secured a $117.5 million refinancing from Bain Capital for Joule House, Wynwood’s most design-forward residential community.

Rising eight stories at 2200 NW 1st Avenue, Joule House was named after the joule, the unit of measurement for energy, embodying the dynamic spirit of its location. The recently delivered residential property features 308 luxury residences, expansive indoor-outdoor amenities, and Calle Collective, an immersive arts and cultural destination blending retail, creativity, and community

“The successful refinancing of Joule House is a strong reflection of both the property’s performance since opening last summer and the market’s confidence in well-executed, design-driven residential communities in Wynwood,” said Winston Fisher, Partner at Fisher Brothers. “From day one, our vision was to create something that truly resonates with the neighborhood’s energy and culture, and it’s been rewarding to see that translate into strong leasing, retail momentum, and continued investor interest.”

“This transaction represents a unique opportunity to partner with a best-in-class owner-operator in Fisher Brothers as they continue their thoughtful stabilization of a premier asset in an attractive, high-growth market,” said Mark Gormley, a Managing Director at Bain Capital Credit. “We are proud to have been selected as their partner of choice on this transaction and look forward to supporting the continued development of Joule House as one of Miami’s most innovative and dynamic communities.”

"Miami's strong migration trends, driven by corporate relocation and job growth, have injected significant wealth into the region, reinforcing its multifamily market," said Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop. "We were pleased to partner with Fisher Brothers and Bain Capital on Joule House, arranging a floating-rate, interest-only bridge loan that met our client's strategic objectives and delivered a creative, market-leading solution alongside best-in-class sponsorship."

In December, Fisher Brothers announced a new retail lease with Sunlife Organics at Calle Collective, a new art-infused cultural destination located within the vibrant retail base of Joule House. Renowned for its organic smoothies (including its famed ‘Billion Dollar Smoothie’), bowls and provisions, Sunlife Organics is anticipated to open in Q3 2026.

Open to the public, Calle Collective transforms over 26,000 square feet of everyday walls into a kaleidoscope of color and meaning. Curated in partnership with WXLLSPACE and designed as the neighborhood’s next cultural and social destination, Calle Collective showcases 19 large-scale murals by Miami-based artists, each a bold expression of style and personal inspiration redefining the convergence of art, commerce and community.

Joule House offers a desirable mix of studio, one-, and two-bedroom layouts, along with select two- and three-bedroom penthouses ranging from 985 to 1,400 square feet. Interiors by ID & Design International (IDDI) showcase neutral palettes, bold accents, and contemporary finishes that capture the essence of the neighborhood. Spanning 23,000 square feet, Rockwell Group has thoughtfully crafted a suite of indoor and outdoor amenities across three levels, seamlessly blending wellness, convenience, and entertainment. With leasing and property management by Bozzuto, exceptional attention to detail and genuine hospitality remain at the forefront.

Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Michael Ianno, Christopher de Raet, and Edward Leboyer of Walker & Dunlop Capital Markets Institutional Advisory represented Fisher Brothers in this transaction.

Calle Collective is open daily from 9 am to 6 pm and is free to the public.

Images via Joule House / Fisher Brothers

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Shoma Group Sells Sanctuary at Doral 226-Unit Multifamily For $102.5 Million

The Coral Gables-based Shoma Group, led by Masoud and Stephanie Shojaee, have sold their recently completed Sanctuary at Doral multifamily apartment building for $102.5 million to the Denver-based Avanti Group. The 226-unit multifamily property is located at 9400 NW 41st St. The sale price breaks down to roughly $453,539 per unit and the property was fully leased at the time of sale. The transaction was overseen by Still Hunter of Walker & Dunlop.

Shoma Group acquired the 7.2 acre site in 2014 for $8.5 million and completed Sanctuary at Doral in December 2020. The property was fully leased within 8 months of completion.

Sanctuary at Doral offers one, two, and three bedroom residences with floorplans which feature state-of-the-art finishes and cater to a variety of renters offering infinite indoor and outdoor resort-style amenities, along with a vibrant social scene and close proximity to trendy shops, diverse entertainment venues, and arts culture. Situated on 7.2 acres of land, Sanctuary at Doral boasts the largest outdoor space of any rental community in Doral and is primed for outdoor entertaining and relaxation offering lushly landscaped courtyards, and contemporary art and sculptures throughout the property. Amenities include a resort style pool, mini soccer field, bike path, yoga lawn, state-of-the-art fitness facility, pet spa and residents clubhouse.

Images via Shoma Group

Terra Locks Down $44 Million In Financing For Publix-Anchored Retail Development In Pembroke Pines

Coconut Grove, FL-based Terra has locked down a $43.74 million in senior mortgage financing for 16000 Pines Market. The loan was provided by Thorofare Capital, Inc., an affiliate of alternative investment manager Thorofare LLC., and was issued to 16000 Pines Retail Investments, LLC, an entity managed by 16000 Pines Market. 16000 Pines Market is a 135,000 SF mixed-use retail development nearing completion in the City of Pembroke Pines in South Florida’s Broward County. The financing was arranged by Walker & Dunlop’s Keith Kurland, Jackson Sastri and Ian Hawk of the firm’s New York City capital markets group.

Terra will utilize the loan proceeds to finish construction, capitalize the TIs/LCs and carry the project until its stabilization. Construction of 16000 Pines Market’s first phase was completed earlier this year, with construction of phase two now getting underway and expected to deliver in 2022.

“Terra’s continued investment in Pembroke Pines reflects the City’s growing residential population and the high barriers to entry that exist for new commercial development,” said Terra CEO David Martin. “16000 Pines Market will meet mounting demand for lifestyle-oriented retail and unique food and beverage experiences, while offering an everyday amenity for neighboring residents and visitors.”

The key anchor tenant at 16000 Pines Market is 91-year-old Publix Super Markets, Inc., the largest and fastest-growing employee-owned supermarket chain in the United States. Additional co-anchors include national off-price department store retailer Burlington (NYSE: BURL), which operates 740 stores across 40 states and Puerto Rico with over 40,000 employees and a $20 billion market capitalization, as well as Crunch Fitness, a fitness club chain that has more than 300 franchise locations across the United States, Canada and Australia.

Felix Gutnikov, Thorofare’s principal and head of originations, said, “closing this construction-completion loan for a Publix-anchored retail asset in a desirable South Florida suburb comes on the heels of our Miami office opening and underscores the firm’s commitment to expand our geographic footprint in the Southeast.”

“This high-structured financing reflects our belief that well-designed grocery-anchored shopping centers, with sought-after tenants such as Publix, will continue to garner demand from institutional debt and equity capital sources,” said Thorofare’s principal and CIO Brendan Miller. “Executing a transaction with Terra will help continue to expand our presence in the Southeast as well as diversifying our loan portfolio with grocery-anchored assets, the most resilient, necessity-based retail property type.”

16000 Pines Market is situated on 13.2-acres with strong visibility along Pines Boulevard and Dykes Road, a major thoroughfare in the affluent suburb Pembroke Pines, which is part of the Ft. Lauderdale retail market and Southwest Broward retail sub-market. Additional tenants include Verizon, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now.

OKO Group and CAIN International Lock Down $128.3 Million Construction Loan For Una Residences

OKO Group and Cain International have secured $128.3 million in construction financing for Una Residences. The senior debt, which was provided by Bank OZK, will fund the ongoing development of the 47-story luxury condo tower, which broke ground in May 2020 and has over $75 million in sales over the past four months.

The Walker & Dunlop team led by Senior Managing Directors & Co-Heads of New York Capital Markets Keith Kurland, Aaron Appel, and Adam Schwartz along with Managing Director Michael Diaz and Director Sean Bastian represented the developers in the transaction. Weil Gotshal & Manges served as counsel for the sponsor/developer, while King & Spaulding served as counsel for Bank OZK.

Una Residences sits on one of the last developable parcels of waterfront land in Brickell in the South Brickell enclave at 174 SE 25th Road and will become the first waterfront residential tower to deliver in the neighborhood in over a decade upon its completion in 2023. The tower is being developed by a partnership between OKO Group, the luxury development group helmed by international real estate mogul Vladislav Doronin, and Cain International, a privately held investment firm with over $6.3 billion in real estate equity, debt, and leisure-focused investments.

“Miami’s increasing global appeal is drawing families to live and businesses to invest in high quality real estate, particularly rare and exclusive offerings such as Una Residences; one of the last opportunities to buy a waterfront property in one of Miami’s most desirable neighborhoods,” said Vladislav Doronin, Chairman and CEO of OKO Group. “We are seeing this trend of moving to Miami accelerate at an unprecedented rate, attracted by the many benefits including its sunny weather, quality of life, status as a global destination and its tax incentives. As construction progresses on site at Una Residences, we anticipate a beneficial and successful relationship with all parties involved in this project.”

Una Residences was designed by Adrian Smith + Gordon Gill (AS+GG) and the tower will offer 135 spacious two-to-five bedroom condominiums with unobstructed views of the Atlantic Ocean, Biscayne Bay, and city skyline. Residences are priced from $2 million to $7.4 million, with two ultra-exclusive penthouses priced up to $21.6 million.

"We firmly believe the Miami market is well-positioned for future growth as a global gateway city, with continued demand for new residential property coming from both foreign and domestic buyers. Closing this financing with Bank OZK is a significant milestone for Una Residences and for the broader Brickell residential market," said Jonathan Goldstein, CEO of Cain International. "With its unique position overlooking Biscayne Bay, close proximity to Key Biscayne, Brickell and Coconut Grove, and access to incredible lifestyle amenities, Una Residences is truly one-of-a-kind and we look forward to advancing towards completion with our partners."

Amenities include three swimming pools, a children’s splash-pad area and playroom, a movie theater, an Aman Resort-inspired spa and steam room, a state-of-the-art fitness center featuring yoga and personal training facilities, onsite dining, and more. Una’s amenities will also extend beyond the property, as residents will receive exclusive membership access to the Grand Bay Club on the beachfront of Miami’s Key Biscayne.

“The fundamentals of the Una Residences project met the high standards Bank OZK consistently seeks in our credits – marquee real estate, strong market fundamentals and top-tier sponsorship,” stated Greg Newman, Managing Director of Originations for Bank OZK’s Real Estate Specialties Group. “OKO Group and Cain International are developing a best-in-class option in the Miami market, with amenities and an unrivaled setting that delivers an exceptional quality of life to residents. We appreciate the opportunity to participate in this project as the sole senior secured lender and look forward to a very successful execution.”

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Miami-based Private Equity Group Galium Capital Enters The Houston Multifamily Market With The Acquisition of The Fairmont on San Felipe

Galium Capital, a Miami-based real estate investment group, has announced the acquisition of The Fairmont on San Felipe in Houston, TX. The Fairmont on San Felipe is a 361-unit institutional-grade multifamily apartment building located within the business and Galleria shopping district of Uptown in Houston. The transaction closed on September 21, 2020.

“We have had our eye on the Texas markets for some time, and we are happy to enter Houston by acquiring one of the most iconic multifamily properties in its submarket. The Fairmont on San Felipe is an institutional-grade legacy asset located in one of the most desirable areas in Houston. It is a stabilized asset with significant value add potential, and we look forward to continuing enhancing the building’s long-term performance with Greystar as our partner on the management side.” said Jacques Bessoudo, Managing Partner of Galium Capital.

The Fairmont on San Felipe was developed in 2009 and is located at 6363 San Felipe St. The property features 361 units with 41,383 SF of retail on 6.10 acres of land. The Fairmont on San Felipe was 94% occupied at acquisition with an average rent of $1.61 PSF. Upon acquisition the property will be operated by Greystar, the largest multifamily operator in the United States with over 660,000 units under management.

Units at The Fairmont on San Felipe range from one to two-bedroom floor plans and 609 to 1,403 square feet. The Fairmont on San Felipe also offers residents some of the best amenities in the area including a two-story state-of-the-art fitness center with complimentary workout classes, a resident’s library with work stations, a resident’s lounge, a rooftop garden, courtyard and an outdoor living room overlooking a resort-style swimming pool as well as a second swimming pool on-site. Tenants in the retail properties provide further convenience for residents and include St. Luke’s Hospital, Cafe Adel, University Oaks and La Argentina Gelato & Coffee, amongst others.

“We are excited about our first acquisition in Houston and happy to be entering the market with such a premier asset that is stabilized while having strong upside opportunities. We see tremendous potential for growth in the Houston market as well as in this this asset, and look forward to maximizing performance for our investors during our ownership,” said Jonathan Slomianski, Acquisitions at Galium Capital.  

Jordon Emmott from National Apartment Advisors represented the seller. Matthew Wallach from Walker & Dunlop arranged the financing.

Galium Capital owns and manages a portfolio in excess of $350 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States. The Fairmont on San Felipe is Galium Capital’s second acquisition of 2020 after the group closed on the 1333 Main St. office assemblage in the Downtown CBD of Columbia, SC. in March 2020.