In a major show of confidence in Miami’s rental market, Oak Row Equities has landed a $210.5 million construction loan to develop 2900 Terrace, a 38-story multifamily tower in Edgewater. Despite elevated interest rates and a cooling in apartment lease-ups following last year’s record deliveries, construction financing activity remains robust across South Florida.
The financing deal was first reported by The Real Deal and includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate. The financing was arranged by a team from JLL, including Christopher Peck and Brian Gaswirth.
A New Vision for Edgewater Living
2900 Terrace will rise on a 1.5-acre site located at the northeast corner of Northeast 29th Street and Northeast Fourth Avenue. The project is a joint venture between Oak Row Equities, led by Erik Rutter and David Weitz, and Alex Karakhanian of Lndmrk Development. Construction is set to begin immediately, with completion expected in Q4 2027.
Designed by renowned architectural firm Arquitectonica, the tower will feature 324 rental units ranging from one to three bedrooms, and will offer over 500 parking spaces. Future residents will enjoy curated amenities, including a south-facing sun deck, resort-style pool, co-working spaces, and two padel courts — a nod to Miami’s booming interest in the sport.
Oak Row’s Growing South Florida Portfolio
Oak Row Equities has rapidly positioned itself as a major player in Miami’s urban development landscape. The firm is currently under a $520 million contract to acquire a 4.3-acre bayfront site in Brickell, which includes the Brickell Bay Office Tower and Yacht Club Apartments. This site has the potential to be redeveloped into more than 3.1 million square feet of mixed-use supertalls.
The firm, with offices in both Miami and New York, also recently celebrated the completion of Wynwood Plaza — a 1-million-square-foot mixed-use complex that includes 509 apartments, a 266,000-square-foot office tower, retail space, and a public plaza. Partners on that project include Shorenstein, L&L Holding Company, and Claure Group.
Other notable projects in Oak Row’s pipeline include:
- 2600 Biscayne: A 41-story, 399-unit residential tower with 187,000 square feet of commercial space in Edgewater.
- First & Fifth: A planned 45-story, 526-unit apartment tower in Downtown Miami.
Market Context
Oak Row’s latest loan arrives as developers continue to secure sizable financing across the region. Recent deals include Dacra’s $125 million loan for the Cassi project in the Design District, and Immocorp Ventures’ $117 million financing for a new West Palm Beach development.
According to CoStar Group, 2023 saw a record-breaking 18,600 new apartment deliveries across South Florida — exceeding the 15,000 net new leases signed during the same period. While this temporary oversupply has slowed lease-ups and increased landlord concessions, experts predict demand will rebound starting in late 2025.
Final Thoughts
The groundbreaking of 2900 Terrace further reinforces Edgewater’s transformation into one of Miami’s most dynamic residential neighborhoods. With deep-pocketed developers, world-class design, and continued financial backing, Edgewater continues to attract both residents and investors looking for long-term growth in South Florida’s evolving skyline.