Key Takeaways
- Major Debt Transaction: South Florida developer Terra secured a “$183.75 million” refinancing loan from Monroe Capital’s Real Estate Platform for the office component of THE WELL Bay Harbor Islands.
- High-Demand Class A Asset: The newly completed “96,000-square-foot” Class A office property has achieved over “90%” leasing capacity following its summer completion.
- Premier Institutional Tenant Base: High-profile financial and investment tenants include Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group, and Legacy Wealth Advisors.
- National Landmark Concept: Designed as the nation’s first THE WELL-branded office and residential project, combining workplace design with a “22,000-plus-square-foot” wellness amenity program.
Terra Capitalizes on Bay Harbor Islands Success with $183.75M Debt Deal
Leading South Florida real estate development firm Terra, under the leadership of CEO David Martin, has finalized a $183.75 million refinancing loan from Monroe Capital’s Real Estate Platform. The transaction finances The Offices at THE WELL Bay Harbor Islands, the recently completed 96,000-square-foot Class A commercial core within Terra’s wellness-driven mixed-use ecosystem.
The deal was arranged by Walker & Dunlop Capital Markets Institutional Advisory, led by a senior capital markets team including Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, and Jordan Casella.
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| THE OFFICES AT THE WELL BAY HARBOR ISLANDS |
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| Refinancing Loan Amount : $183.75 Million |
| Lending Partner : Monroe Capital's Real Estate Platform |
| Developer : Terra (Led by CEO David Martin) |
| Capital Advisory : Walker & Dunlop Institutional Advisory |
| Total Office Footprint : 96,000 Square Feet (Class A) |
| Leasing Status : >90% Leased |
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Premier Tenant Roster Validates Wellness-Focused Commercial Real Estate
Completed in the summer, The Offices at THE WELL has swiftly surpassed 90% occupancy, demonstrating robust institutional demand for health- and hospitality-centric commercial environments in South Florida.
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| KEY ANCHORS & NOTABLE TENANTS |
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| Institutional Tenants : Man Capital LLP, Dwight Capital, TEB |
| Capital Management, NewCo Capital Group, |
| and Legacy Wealth Advisors |
| Ground Floor Retail : The Golden Good Market (Opening 2027) |
| Wellness Anchor : THE WELL Club (Opening 2027) |
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“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,” stated David Martin, CEO of Terra. “We set out to create an office environment that rethinks the relationship between work and wellness, and the response from tenants has validated that vision.”
Kyle Asher, Partner and Co-Head of Monroe Capital’s Alternative Credit Solutions Group, highlighted the asset’s caliber: “They are one of the highest-quality sponsors in the market, and this is a Class A+ asset that is newly completed and already more than 90% leased.”
Pioneering Design: Merging Corporate Environments with Holistic Health
As the first integrated THE WELL-branded office and residential development in the United States, the Bay Harbor Islands project combines corporate functionality with wellness amenities:
- Office Amenities: A hospitality-infused lobby adjacent to THE WELL Club, a Juice Bar, community gardens, rooftop gathering venues, outdoor fitness programming, and al fresco courtyard workspaces.
- Residential Integration: An eight-story residential footprint featuring 65 luxury residences supported by an independent amenity suite exceeding 22,000 square feet.
- Wellness Center Highlights: Includes a private Bath House, Miami’s first Caldarium, and a Rejuvenating Saunarium, along with preferred tenant access to health coaching, spa services, and concierge care.
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| TERRA'S WELLNESS & COMMERCIAL PORTFOLIO |
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| THE WELL Bay Harbor Islands : 96,000 sq ft Office + 65 Luxury Units |
| THE WELL Coconut Grove : Wellness Residential Development |
| Mary Street (Coconut Grove) : Mixed-Use Office & Retail Destination |
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“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,” noted Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop.
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