Bank OZK Leads $210M Construction Loan for Miami Luxury Tower

Ultra-Luxury Multifamily Tower to Break Ground Imminently

MIAMI--(BUSINESS WIRE)-- Oak Row Equities, a dynamic vertically-integrated real estate private equity and development company with over $3.9 billion of development in South Florida, today announced the successful closing of $210.5 million in construction financing for 2900 Terrace. This significant milestone paves the way for the groundbreaking of the premier luxury multi-family tower in Miami’s Edgewater neighborhood. The financing package includes a $142.5 million senior loan from Bank OZK and a $68.0 million mezzanine loan from Canyon Partners Real Estate LLC. JLL represented the borrower, arranging both loans. With full project financing now in place, construction will commence immediately with delivery anticipated in Q4 2027.

“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 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,” add Rutter and Weitz. “The $210 million combined commitment from Bank OZK and Canyon underscores the strength of our vision and execution. We’re excited to help shape the next chapter of Miami’s urban residential landscape.”

Designed by the preeminent architecture firm Arquitectonica, 2900 Terrace will introduce a new category of luxury rentals, meeting the demand for high-end living in Miami. Located on one of the last undeveloped parcels east of Biscayne Boulevard in the urban core, the tower has been meticulously designed to ensure protected Biscayne Bay views. This sophisticated offering features 324 oversized homes with abundant natural light, spectacular finishes, and beautiful private and shared outdoor spaces. Residents will also benefit from 24/7 concierge services and a wide array of curated amenities.

“Oak Row Equities is one of South Florida’s most ambitious development firms, and 2900 Terrace marks our third loan to Oak Row in as many years,” 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.”

Canyon, the mezzanine lender, has been an active provider of debt and equity in South Florida and continues to invest in real estate projects in primary and secondary markets across the United States. Since its inception, Canyon has invested ~$1.4 billion of debt and equity capital across 41 transactions, capitalizing ~$4.1 billion of total projects across all asset types in the state of Florida.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Christopher Peck, Managing Director Brian Gaswirth, Senior Directors Nicco Lupo and Nick Lavin and Vice President John Lowe.

"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.

Oak Row Equities has quickly become a dominant player in the South Florida real estate industry since inception in 2018. The firm is currently under contract on the largest single land acquisition in South Florida for a 4.25-acre waterfront property in Brickell for $520 million. Oak Row plans to build branded ultra-luxury condominiums and a hotel on the parcel—located at 1001 and 1111 Brickell Bay Drive—with 485 feet of continuous Biscayne Bay frontage. The site is zoned for over three million square feet of development, allowing multiple towers that can rise up to 1,049 feet.

In addition to its residential portfolio, Oak Row has a substantial development pipeline of new office buildings. Global-caliber tenants in Oak Row’s portfolio include Amazon, Spotify, Equinox, Coastal Construction, and Ferraro Law, among many others. Oak Row Equities broke its own record with Amazon's lease, which now at 76,000 square feet is the largest office lease ever recorded in Miami’s Wynwood submarket. The entire creative office component at The Oasis (20,000 square feet) was leased to Spotify for their South Florida and Latin America HQ, which was the largest lease at the highest rent per square foot outside of Downtown Miami at the time of execution in 2020.

At 2900 Terrace, spacious one, two, and three-bedroom residences will be crafted for design-conscious renters, with many offering large wraparound terraces and home offices. Interior finishes will rival for-sale buildings, featuring calming color schemes and rich materials that evoke a sense of permanence rarely seen in multi-family towers.

Arquitectonica’s design for 2900 Terrace masterfully juxtaposes warm bronze-like accents with off-white stucco. Inventive material use brings a nuanced textured effect to the lower portions of the facade, while perforated corrugated metal, reflective glass, and charcoal window frames and mullions create visual interest throughout.

The tower’s extensive amenity program spans two levels, with wellness as a guiding principle. Indoor amenities include a state-of-the-art fitness center, yoga studio, pet spa, co-working spaces with podcast studios, a content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater, and a children’s playroom.

A south-facing landscaped deck offers endless opportunities for entertaining and recreation. Outdoor amenities feature a stunning swimming pool, cold plunge, poolside cabanas and lounge seating, BBQ grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground, and a co-working terrace.

Located on 1.5 acres, 2900 Terrace will feature a carefully-considered ground floor experience with sprawling landscaped areas set back more than 10 feet from the street, offering abundant places for gathering. Residents will arrive via a covered loggia, and the property will provide over 500 parking spots, including EV charging stations. 29th Street offers convenient pedestrian access to Wynwood and is just one block from a new Whole Foods and a future Brightline rail station.

Edgewater is a pioneering submarket offering unlimited lifestyle amenities, including the lush eight-acre Margaret Pace Park, chic dining, and retail options. Wynwood, Midtown, and the Design District are just moments away. Miami International Airport, I-95, Miami Beach, and Brickell are all easily accessible from Edgewater.

Pricing for rentals and ground-floor retail opportunities are available upon request. To learn more, visit: www.oakrowequities.com.

About Oak Row Equities:

Oak Row Equities is a vertically integrated private equity and real estate development company. Founded in 2018 by Erik Rutter and David Weitz with offices in New York City and Miami, Oak Row Equities has expertise in acquisitions, development, architecture, construction, asset management, leasing, and accounting. Oak Row Equities has more than $3.9B of development underway across four million square feet of Class-AAA real estate. For more information, visit www.oakrowequities.com.

About Bank OZK:

Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended March 31, 2025, RESG originated approximately $40.42 billion in new loans. For more information, visit ozk.com.

About Canyon Partners Real Estate LLC:

Founded in 1991, Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $27 billion in assets under management. Over the last fifteen years, Canyon has invested over $7.8 billion of debt and equity capital across 271 transactions capitalizing approximately $28.0 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts). For more information visit: www.canyonpartners.com.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.