Oak Row Equities has closed on $210.5 million in construction financing for 2900 Terrace, a luxury multifamily tower in Miami’s Edgewater neighborhood. The financing package comprises a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. JLL Capital Markets arranged the debt, with construction now underway and completion expected in the fourth quarter of 2027.
Designed by Arquitectonica, the 38-story tower will rise on one of the last remaining undeveloped parcels east of Biscayne Boulevard, delivering 324 condo-quality rental units across a 1.5-acre site. Units will range from one to three bedrooms, many featuring wraparound terraces and home office spaces. Floorplans will exceed typical rental sizes, offering finishes and services comparable to for-sale product.
2900 Terrace. Designed by Arquitectonica.
“We are proud to have successfully closed both the debt and equity capitalization for this transformative project,” said Erik Rutter and David Weitz, managing partners at Oak Row Equities. “This development is the result of a highly focused investment thesis grounded in rigorous, data-driven analysis of supply-demand dynamics within Miami-Dade’s multifamily market. Oak Row identified a significant undersupply of two- and three-bedroom residences, particularly those offering the size, quality, and services today’s renters demand.”
2900 Terrace. Designed by Arquitectonica.
“2900 Terrace will set a new benchmark as Edgewater’s first condo-quality, purpose-built rental community—professionally managed, luxuriously finished, and offering larger-than-average floorplans tailored to a sophisticated tenant,” they added. “The $210 million combined commitment from Bank OZK and Canyon underscores the strength of our vision and execution.”
Arquitectonica’s design incorporates off-white stucco and bronze-toned accents with perforated corrugated metal, reflective glass, and charcoal window mullions. The lower podium integrates textured materials for visual contrast, while higher elevations are designed to preserve sightlines to Biscayne Bay.
At street level, the development will feature landscaped setbacks of more than 10 feet and a covered loggia entry. A total of over 500 parking spaces will be provided, including EV charging stations. The site benefits from proximity to a newly opened Whole Foods and a planned Brightline station.
2900 Terrace. Designed by Arquitectonica.
The amenity package spans two levels and includes a wellness-focused fitness center, yoga studio, sauna, pet spa, golf simulator, podcast studio, content creator suite, resident lounge, theater, children’s playroom, and co-working spaces. Outdoor amenities include a pool deck with cabanas, cold plunge, hot tub, BBQ areas, summer kitchen, playground, co-working terrace, and two padel courts.
“2900 Terrace certainly delivers,” said Greg Newman, Senior Managing Director of Originations at Bank OZK. “Our lending focus is on best-in-class assets in best-in-class markets and 2900 Terrace certainly delivers.”
2900 Terrace. Designed by Arquitectonica. Credit: LNDMRK, Oak Row Equities.
Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, and John Lowe of JLL Capital Markets led the debt advisory efforts.
“The successful arrangement of construction financing for 2900 Terrace underscores the continued strength of the Miami multifamily market and highlights the importance of a creative, differentiated business plan and exceptional sponsorship in attracting best-in-class development capital,” said Lupo.
Canyon Partners, the mezzanine lender, has deployed approximately $1.4 billion across 41 real estate transactions in Florida to date.
Oak Row Equities has over $3.9 billion in development across South Florida. The firm is also under contract for a $520 million, 4.25-acre site at 1001 and 1111 Brickell Bay Drive, where it plans to develop branded ultra-luxury condominiums and a hotel totaling over 3 million square feet and rising up to 1,049 feet.
The firm’s portfolio includes tenants such as Amazon, Spotify, Equinox, and Ferraro Law. Oak Row holds the record for the largest office lease in Wynwood with Amazon’s 76,000-square-foot deal, and leased the full creative office space at The Oasis to Spotify for its regional headquarters.
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Not feeling it.
Unimaginative. Horrible huge parking podium with too much parking on all 4 sides. Already looks dated. Adds little excitement to the skyline.
BINGO.