Terra Secures $183.75 Million Refinancing for The Offices at THE WELL Bay Harbor Islands From Monroe Capital’s Real Estate Platform

75 Million Refinancing for The Offices at THE WELL Bay Harbor Islands From Monroe Capital’s Real Estate Platform The refinancing follows the recent delivery of the 96,000-square-foot Class A office building, which is now more than 90% leased. 75 million loan from Monroe Capital's Real Estate Platform, the real estate finance platform of private credit asset manager Monroe Capital ( ), to refinance The 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. This press release features multimedia. View the full release here: THE WELL Bay Harbor Islands 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. ” “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.

” 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.

” 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. About Terra: Terra is a Miami-based real estate development and investment company that creates communities, enhances neighborhoods, and connects people. Led by CEO David Martin, Terra was founded in 2001 and is active across all major real estate asset classes, including multifamily apartments, luxury condominium and single-family residences, retail and office space, hotels, and industrial properties.

Terra owns and operates a carefully curated portfolio of real estate developments that elevate quality of life; maximize the way in which people work, live and entertain; and innovate the urban and suburban landscape with an eye toward resiliency and sustainability. Since its launch, Terra has developed more than eight million square feet of residential, commercial, and mixed-use projects across South Florida. Terra thrives by assembling teams comprised of the world’s most accomplished architects, designers, planners, engineers and builders who collaborate to bring the firm’s development vision to life.

Learn more at About Monroe Capital Monroe is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors.

Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 14 locations throughout the United States, Asia, Australia, Europe, and Middle East. S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year.

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