Terra Secures $184M Refi for New Tom Brady-Leased Office Near Miami
Terra has secured a $183.8 million loan to refinance a newly completed, wellness-focused office complex in Bay Harbor Islands, Fla., which counts Tom Brady’s family office as a tenant.
The financing from Monroe Capital backs the 96,000-square-foot office component of the Well development, which was completed this summer. The four-story office building at 1177 Kane Concourse is in a wealthy island town in Miami-Dade County near Indian Creek, an enclave that is home to tech billionaires Jeff Bezos and Mark Zuckerberg.
The Class A complex is 90 percent leased with tenants that include Dwight Capital, NewCo Capital Group, Legacy Wealth Advisors and Brady’s TEB Capital Management, which signed a 8,145-square-foot lease. Amenities include a gym, a spa, health coaching and concierge services.
“The strong leasing momentum and differentiated wellness-focused concept at the Well Bay Harbor Islands created an opportunity to structure a refinancing that aligned with Terra’s long-term objectives,” said Walker & Dunlop’s Keith Kurland, who brokered the financing on Terra’s behalf alongside Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella.
The debt replaces a $238 million refinancing loan issued last year from Todd Boehly’s Eldridge Capital Management and Hudson Bay, according to a representative for the Miami-based development firm, led by David Martin.
The Well also includes an eight-story building with 65 condo units. Terra had purchased the 1.8-acre site for $31.6 million in 2021 and received a $141 million construction loan a year later from Mack Real Estate Credit Strategies.
The development will have competition in Bay Harbor Islands. Landau Properties and Taubco are building a 126,000-square-foot office project after securing a $74 million construction loan in 2024.
The Well’s refinancing loan comes just a week after Terra secured $507 million to build a luxury condo tower in South Beach before launching sales.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.