Oak Row Equities, a vertically integrated real-estate private equity and development company, has secured $210.5m in construction financing for 2900 Terrace, a new luxury multifamily tower in Miami's Edgewater neighbourhood in the US.
The financing includes a $142.5m senior loan from Bank OZK and a $68.0m mezzanine loan from Canyon Partners Real Estate, a direct investment business. JLL, a commercial real estate and investment management company, represented the borrower and arranged both loans.
Construction is set to begin immediately, with the project's completion expected in the fourth quarter (Q4) of 2027.
Oak Row Equities managing partners Erik Rutter and David Weitz said: “We are proud to have successfully closed both the debt and equity capitalisation for this transformative project. This development is the result of a highly focused investment thesis grounded in rigorous, data-driven analysis of supply-demand dynamics within Miami-Dade’s multifamily market.
"Oak Row identified a significant undersupply of two- and three-bedroom residences, particularly those offering the size, quality, and services today’s renters demand.”
2900 Terrace is designed by domestic architect Arquitectonica and poised to offer a high-end rental experience in Miami.
The tower will feature 324 homes with protected views of Biscayne Bay and both private and shared outdoor spaces.
The residences at 2900 Terrace, including one-, two-, and three-bedroom options, are tailored for design-conscious renters, offering features such as large wraparound terraces and home offices.
Arquitectonica's design for the tower includes bronze-like accents contrasted with off-white stucco, textured facade elements, and materials such as perforated corrugated metal and reflective glass.
The tower's amenities are focused on wellness and include a fitness centre, yoga studio, pet spa, and various entertainment and recreational spaces.
2900 Terrace also offers an outdoor amenity programme, including a swimming pool, cabanas, BBQ grills, and padel courts.
The property is situated on a 1.5-acre site with over 500 parking spaces and is located near Wynwood, a new Whole Foods store, and a future Brightline rail station.
