Key Takeaways
- • Terra 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 96,000-square-foot Class A office component of its wellness-focused mixed-use development in Bay Harbor Islands, Florida.
- • The office building is more than 90% leased, with tenants including Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors.
- • Walker & Dunlop Capital Markets Institutional Advisory, led by Keith Kurland, represented Terra in the transaction.
- • Kyle Asher, Partner and Co-Head of Monroe Capital's Alternative Credit Solutions Group, said the firm continues to build out its middle-market real estate business nationally.
Summary
Terra, a Miami-based real estate developer, has secured a $183.75 million loan from Monroe Capital's Real Estate Platform, the real estate finance arm of private credit asset manager Monroe Capital, according to a Business Wire announcement. The proceeds refinance The Offices at THE WELL Bay Harbor Islands, the Class A office component of Terra's wellness-focused mixed-use project in Bay Harbor Islands. The refinancing follows the building's completion this summer and strong leasing activity, with the property now more than 90% leased.
The office building has attracted 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 slated to host The Golden Good Market and THE WELL Club, both expected to open in 2027.
Walker & Dunlop Capital Markets Institutional Advisory, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella, represented Terra. Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop, said the refinancing aligned with Terra's long-term objectives. Terra CEO David Martin said the tenant response validated the project's vision of rethinking the relationship between work and wellness. Kyle Asher, Partner and Co-Head of Monroe Capital's Alternative Credit Solutions Group, described Terra as one of the highest-quality sponsors in the market and characterized the asset as a newly completed Class A+ building.
The development, described as the first THE WELL-branded office and residential project in the United States, also includes an eight-story residential component with 65 luxury residences and more than 22,000 square feet of amenities. Terra is also developing THE WELL Coconut Grove. Monroe Capital's Real Estate Platform provides structured debt and equity financing across asset types and geographies.
The office building has attracted 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 slated to host The Golden Good Market and THE WELL Club, both expected to open in 2027.
Walker & Dunlop Capital Markets Institutional Advisory, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella, represented Terra. Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop, said the refinancing aligned with Terra's long-term objectives. Terra CEO David Martin said the tenant response validated the project's vision of rethinking the relationship between work and wellness. Kyle Asher, Partner and Co-Head of Monroe Capital's Alternative Credit Solutions Group, described Terra as one of the highest-quality sponsors in the market and characterized the asset as a newly completed Class A+ building.
The development, described as the first THE WELL-branded office and residential project in the United States, also includes an eight-story residential component with 65 luxury residences and more than 22,000 square feet of amenities. Terra is also developing THE WELL Coconut Grove. Monroe Capital's Real Estate Platform provides structured debt and equity financing across asset types and geographies.
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