Terra Secures $183.75M Refinancing for THE WELL Bay Harbor Islands Office Building
Monroe Capital provides financing for the 90%-leased Class A wellness-focused office component of Terra's mixed-use development in Bay Harbor Islands.
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Terra, one of South Florida's leading real estate development firms, has secured a $183.75 million loan from Monroe Capital's Real Estate Platform to refinance The Offices at THE WELL Bay Harbor Islands, the recently completed Class A office component of Terra's wellness-focused mixed-use development in Bay Harbor Islands. Walker & Dunlop Capital Markets Institutional Advisory represented Terra in the transaction.
The refinancing follows the successful completion of the office building this summer and strong leasing momentum at the property. The Offices at THE WELL is now more than 90% leased, reflecting demand for the project's wellness-focused approach to the workplace.
The office building has attracted a roster of financial, investment and professional services firms, including Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors. The ground floor is also the future home of The Golden Good Market and THE WELL Club, which are both slated to open in 2027.
"Securing this refinancing following the building's completion and strong leasing performance speaks to the strength of the project and the demand we're seeing for a more wellness-focused workplace," said David Martin, CEO of Terra.
Developed by Terra, THE WELL Bay Harbor Islands is the first THE WELL-branded office and residential project in the United States, comprising 96,000 square feet of Class A office space alongside an eight-story residential component with 65 luxury residences and more than 22,000 square feet of amenities.
The PGM Edit
Monroe Capital provides financing for the 90%-leased Class A wellness-focused office component of Terra's mixed-use development in Bay Harbor Islands.
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