Terra has refinanced The Offices at THE WELL Bay Harbor Islands with a $183.75 million loan. The financing, provided by Monroe Capital’s Real Estate Platform, comes after the completion of the 96,000-square-foot office building this summer and as the property has passed the 90% leased mark.
The refinancing underscores continued lender appetite for newly delivered, well-leased office product in Bay Harbor Islands, a submarket that has seen limited modern office development in recent years. It also gives Terra fresh capital for a project that is part of its larger THE WELL Bay Harbor Islands mixed-use development at 1100 Kane Concourse.
Terra did not disclose the loan’s interest rate or maturity in the announcement, and the refinancing terms were not otherwise made public.
Deal details and leasing momentum
The office component of THE WELL Bay Harbor Islands is now substantially leased, with tenants that include Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors. Terra said the strong lease-up performance helped support the refinancing, which was arranged with assistance from Walker & Dunlop Capital Markets Institutional Advisory.
The advisory team included Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella, according to the announcement referenced by the development team.
David Martin, Terra’s CEO, said the refinancing reflects demand for what the company describes as a wellness-focused workplace environment. That positioning is central to the broader THE WELL concept, which blends office, residential and amenity uses around wellness-oriented programming.
| Project Detail | Information |
|---|---|
| Project | The Offices at THE WELL Bay Harbor Islands |
| Developer | Terra |
| Refinancing amount | $183.75 million |
| Lender | Monroe Capital’s Real Estate Platform |
| Office size | 96,000 square feet |
| Leasing status | More than 90% leased |
| Location | 1100 Kane Concourse, Bay Harbor Islands |
Part of Terra’s larger THE WELL Bay Harbor Islands development
The office building is one of the commercial pieces of THE WELL Bay Harbor Islands, which also includes an eight-story residential tower with 65 homes. Terra has described the project as the first in the United States to combine THE WELL-branded offices and residences.
The mixed-use development is designed around a wellness-oriented lifestyle concept that extends beyond the office suites themselves. The workplace portion includes rooftop meeting and gathering areas, community gardens and an elevated courtyard intended for outdoor work and socializing. Office tenants are also offered preferred access to the development’s wellness services.
On the ground floor, Terra has said Golden Good Market and THE WELL Club are planned, with both slated to open in 2027. Those offerings remain separate from the completed office building and are still forthcoming.
Location on Kane Concourse positions the project in a tightly held market
THE WELL Bay Harbor Islands is being delivered in one of Miami-Dade County’s most constrained office submarkets. Bay Harbor Islands has long been better known for residential and boutique retail uses than for large-scale office development, which makes a newly completed Class A building there notable for tenants seeking smaller-floorplate, high-end space in an affluent waterfront community.
That local context helps explain why the project has been able to attract a roster of financial and professional users. The building’s design and amenity package were positioned from the outset to appeal to firms that want a more amenitized workplace than conventional suburban office product.
Arquitectonica was previously identified as the design firm behind the office building when Terra launched leasing for the project in 2023. The broader development also reflects Terra’s ongoing strategy of pairing real estate with wellness programming, a theme the company has carried into other South Florida projects.
Terra continues expanding its wellness-focused real estate portfolio
Beyond Bay Harbor Islands, Terra is also developing THE WELL Coconut Grove and has completed Mary Street, an office and retail property in Coconut Grove. The Bay Harbor refinancing adds another capital event to a portfolio that has increasingly emphasized mixed-use, wellness-driven environments across Miami-Dade County.
The new financing also arrives at a time when office lenders have been selective, particularly for projects that are still stabilizing. In that environment, a completed building with strong leasing can stand out, especially when it is tied to a clearly differentiated concept and a high-income neighborhood with limited competing supply.
For Bay Harbor Islands, the project represents one of the more visible office additions in recent years. For Terra, it marks another step in the company’s effort to scale THE WELL brand beyond a single-use residential or hospitality format and into a broader live-work model.
What happens next
The immediate next steps for the project appear to center on continued leasing of the remaining office space and the future openings planned for the retail and wellness components. Terra has not publicly disclosed further financing details, nor has it announced a revised schedule for the ground-floor uses beyond the 2027 target for Golden Good Market and THE WELL Club.
With the office building now complete and largely leased, the refinancing suggests Terra is moving the asset from development mode into a more stabilized phase. That transition may prove important as the rest of the mixed-use program moves toward delivery.
