David Martin’s Terra snapped up a $183.8 million refinancing for the recently finished office building at The Well Bay Harbor Islands, where Tom Brady’s family office leased a headquarters.
Chicago-based Monroe Capital’s real estate platform provided the debt for the 96,000-square-foot office building that Terra completed this summer, according to the Coconut Grove-based developer’s news release. The development is part of a complex that includes a completed eight-story, 65-unit luxury condo building and more than 22,000 square feet of amenities.
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 in the transaction.
Terra landed a $141 million construction loan from Mack Real Estate Credit Strategies in 2022 and refinanced it last year with $238 million debt from Todd Boehly’s Eldridge Capital Management and Hudson Bay. A “partial release” of the Eldridge loan was recorded on Tuesday, signifying it was at least partially paid off.
The Offices at The Well Bay Harbor Islands, at 1177 Kane Concourse, is 90 percent leased, including to Brady’s TEB Capital Management, which pre-leased 8,400 square feet.
Others that pre-leased while it was still under construction include commercial real estate financier Dwight Capital, which took 23,000 square feet for its headquarters, as well as financial planner Legacy Wealth Advisors, fintech firm NewCo Capital Group, and British-Egyptian businessman Mohamed Mansour’s London-based Man Capital family office.
The Golden Good Market and The Well Club will open next year on the ground floor, the release says.
The Well project is part of a cohort of boutique buildings under construction or recently completed in coastal Miami-Dade areas or high-end neighborhoods such as Coconut Grove. Their small sizes target exactly the type of out-of-state tenant that’s been demanding South Florida offices: smaller, ultra-luxury spaces near executives’ homes. It’s why several of the projects come with adjacent condo buildings.
While many of the new offices pitch their design and amenities, The Well Bay Harbor Island’s distinction relies on its wellness-focused workspaces, including outdoor meeting and working spaces, gardens and access to a juice bar and GoldenGood Market + Eatery.
Another office project also on tap pitching luxury condos next door where executives can live is Allen Morris Company’s Ziggurat Coconut Grove, which will have 100,000 square feet of offices next door to 19 luxury condos.
Terra’s recent refinancing caps off its streak of debt deals. In the summer, it refinanced the $170 million construction loan for the first phase of its Upland Park project with 578 units this summer with a new $245 million debt. More recently, Martin and his partners Rafi Gibly’s RG Development, Gianluca Vacchi’s GV Development and Lore Development, obtained $507 million to build a skinny-tall 106-unit condo building in South Beach.
