Oak Row Equities has successfully secured $210.5 million in construction financing for its upcoming luxury apartment tower, 2900 Terrace, located in Miami’s Edgewater neighborhood. The substantial funding, comprising a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC, will facilitate the project’s groundbreaking, with an anticipated delivery in the fourth quarter of 2027.
Key Takeaways
- Oak Row Equities has secured $210.5 million in construction financing for the 324-unit 2900 Terrace luxury apartment tower in Miami’s Edgewater.
- The financing includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC.
- JLL represented the borrower and arranged both loans.
- Delivery of the 32-story tower is expected in the fourth quarter of 2027.
Project Details and Amenities
Designed by Arquitectonica, 2900 Terrace will rise 32 stories on a 1.5-acre site, one of the last undeveloped parcels east of Biscayne Boulevard in Miami’s urban core. The development aims to introduce a new standard of luxury rentals with its one-, two-, and three-bedroom residences. These spacious units will feature abundant natural light, high-end finishes, and distinctive color palettes and materials.
The tower will boast extensive common-area amenities, including a state-of-the-art fitness center, yoga studio, pet spa, coworking spaces with podcast and content creator studios, a card room, resident lounge, treatment rooms, sauna, golf simulator, and a theater. A children’s playroom and 24/7 concierge services will also be available. Outdoor amenities will feature a pool, cold plunge, poolside cabanas, barbecue grills, picnic areas, a summer kitchen, twin paddle courts, a playground, and a coworking terrace.
Strategic Location and Market Context
Located on 29th Street, 2900 Terrace is strategically positioned just one block from a new Whole Foods and a soon-to-open Brightline rail station, enhancing resident convenience. The Edgewater location also provides easy access to Miami International Airport, I-95, Miami Beach, and Brickell.
Miami continues to be a highly attractive market for luxury multifamily development. This financing round for 2900 Terrace underscores the strong investor confidence in the city’s burgeoning rental sector, particularly within the luxury segment.