Terra has secured a $183.8 million loan to refinance a newly completed office complex in Bay Harbor Islands, Fla. Tom Brady’s family office is a tenant in the complex.
Monroe Capital provided the financing for the 96,000-square-foot office component of the Well development. The four-story office building at 1177 Kane Concourse was completed this summer.
The Class A complex is 90 percent leased. Tenants include Dwight Capital, NewCo Capital Group, Legacy Wealth Advisors and Brady’s TEB Capital Management. TEB Capital Management signed an 8,145-square-foot lease.
Kurland said the refinancing aligned with Terra’s long-term objectives.
Terra had purchased the 1.8-acre site for $31.6 million in 2021. A $141 million construction loan from Mack Real Estate Credit Strategies followed a year later.
Landau Properties and Taubco are building a 126,000-square-foot office project in Bay Harbor Islands. That project secured a $74 million construction loan in 2024.
The Well’s refinancing loan comes a week after Terra secured $507 million to build a luxury condo tower in South Beach.