Terra Secures $183.8 Million Refinancing for Bay Harbor Islands Office Complex

Developer Terra has secured a $183.8 million refinancing loan from Monroe Capital for its recently completed 'The Well' office complex in Bay Harbor Islands, Florida. The 96,000-square-foot Class A office building, located at 1177 Kane Concourse in Miami-Dade County, was finalized this summer and is currently 90 percent leased. Notable tenants include TEB Capital Management, Tom Brady's family office, alongside firms like Dwight Capital, NewCo Capital Group, and Legacy Wealth Advisors.

The property offers a range of wellness-focused amenities such as a gym, spa, health coaching, and concierge services. This new debt replaces a previous $238 million refinancing loan from Eldridge Capital Management and Hudson Bay. Walker & Dunlop, including Keith Kurland and Aaron Appel, brokered the financing on behalf of Terra. The developer originally acquired the 1.8-acre site for $31.6 million in 2021, securing a $141 million construction loan from Mack Real Estate Credit Strategies a year later. The larger 'The Well' development also features 65 condominium units. This refinancing underscores continued investment in high-end, amenity-rich office spaces in South Florida's competitive market.