Terra, one of South Florida’s leading real estate development firms, has secured a $183.75 million loan from Monroe Capital’s Real Estate Platform, the real estate finance platform of private credit asset manager Monroe Capital, to refinanceThe Offices at THE WELL Bay Harbor Islands, the recently completed Class A office component of Terra’s wellness-focused mixed-use development in Bay Harbor Islands. 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.
The refinancing follows the successful completion of the office building this summer and strong leasing momentum at the property. The Offices at THE WELL is now more than 90% leased, reflecting demand for the project’s wellness-focused approach to the workplace.
The office building has attracted a roster of 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 also the future home of The Golden Good Market and THE WELL Club, which are both slated to open in 2027.
“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,” said 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. Monroe Capital has been a great partner throughout this process, and their experience financing high-quality real estate and deep understanding of the South Florida market made them an ideal lending partner to support the project’s long-term success.”
“We are excited to close this financing for David Martin and the Terra team. 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,” said Kyle Asher, Partner and Co-Head of Monroe Capital’s Alternative Credit Solutions Group. “We continue to build out our middle-market real estate business nationally.”
Monroe Capital’s Real Estate Platform delivers structured debt and equity financing across all asset types and geographies, combining deep real estate expertise with the ability to move quickly and provide certainty of execution.
Developed by Terra, THE WELL Bay Harbor Islands is the first THE WELL-branded office and residential project in the United States, comprising 96,000 square feet of Class A office space alongside an eight-story residential component with 65 luxury residences and more than 22,000 square feet of amenities. Designed as a fully integrated wellness-focused community, the development brings together residences, workplaces and wellness offerings, including THE WELL Club, with the office component integrating wellness, hospitality and workplace design throughout the building.
“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,” said Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop. “We were pleased to work alongside Terra and Monroe Capital to deliver a financing solution that reflects the strength of the asset and positions the development for continued success.”
The Offices at THE WELL features a suite of wellness-focused workplace amenities, including a hospitality-driven lobby adjacent to THE WELL Club, Juice Bar and The Golden Good Market; rooftop outdoor meeting and gathering spaces, community gardens and fitness programming; and an elevated courtyard designed for al fresco work and socializing. Office tenants also receive preferred access to THE WELL’s onsite wellness offerings, including concierge services, health coaching and spa privileges. The residential component features a separate 22,000-plus-square-foot amenity program, anchored by a state-of-the-art wellness center and THE WELL Club, which includes a Bath House, Miami’s first Caldarium and a Rejuvenating Saunarium.
The refinancing underscores Terra’s continued investment in mixed-use communities that integrate residential, wellness, hospitality and commercial uses. In addition to THE WELL Bay Harbor Islands, Terra is currently developing THE WELL Coconut Grove, a wellness-focused residential community in Miami’s Coconut Grove neighborhood. Terra’s broader portfolio includes Mary Street, a mixed-use office and retail destination also located in Coconut Grove.
