Oak Row Equities Gains $211M for Miami Project
The project is designed to stand out from the myriad luxury rental options in the area.
Oak Row Equities has landed $210.5 million in construction financing for development of 2900 Terrace, a 324-unit luxury apartment tower located in Miami’s Edgewater neighborhood.
Included in the financing package is a $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan from Canyon Partners Real Estate LLC. JLL represented the borrower and arranged both loans. The financing will enable the project’s groundbreaking; delivery is anticipated in the fourth quarter of 2027.
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Designed by architecture firm Arquitectonica and located on 1.5 acres, 2900 Terrace is situated on one of the final remaining undeveloped sites within the urban core located to the east of Biscayne Boulevard.
An unconventional design
Featuring one-, two- and three-bedroom residences, 2900 Terrace is intended to in unveil a new category of luxury rentals to the area. The oversized units will have ample natural light and upscale finishes, as well as uncommonly-used color schemes and materials.
Common-area amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater, a children’s playroom and 24-7 concierge services. Outdoor amenities include a pool, cold plunge, poolside cabanas and lounge seating, barbecue grills, picnic seating, summer kitchen, twin paddle courts, a playground and coworking terrace.
The development is located on 29th Street, one block from a new Whole Foods and an under-construction Brightline rail station. Also easily accessible from Edgewater are Miami International Airport, I-95, Miami Beach and Brickell.
Miami remains a hot market for developers in the luxury subsector. Last week, a joint venture between Miami Design District Associates, Hunter Pasteur and The Forbes Co. obtained a $125 million construction loan for Cassi, a 20-story, 161,444-square-foot mixed-use project situated in the Miami Design District.
