Terra Secures $183.75M Refinancing From Monroe Capital for The Offices at THE WELL Bay Harbor Islands

Terra, a South Florida real estate development firm, has secured a $183.75 million loan from Monroe Capital's Real Estate Platform to refinance The Offices at THE WELL Bay Harbor Islands, a recently completed Class A office building in Bay Harbor Islands, Florida. The financing was announced Oct. 14, 2026, from Chicago and Miami. Walker & Dunlop Capital Markets Institutional Advisory represented Terra in the transaction.

Monroe Capital's Real Estate Platform is the real estate finance arm of private credit asset manager Monroe Capital. The refinancing follows the delivery of the 96,000-square-foot office building this summer. The property is now more than 90% leased.

Terra Refinancing: Deal Details

The $183.75 million loan from Monroe Capital refinances the office component of THE WELL Bay Harbor Islands, a wellness-focused mixed-use development led by Terra. The property is located at 1177 Kane Concourse, Bay Harbor Islands, FL 33154.

Walker & Dunlop's Capital Markets Institutional Advisory team that represented Terra was led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella. Kurland is Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop.

Based on the loan amount and the building's 96,000 square feet of office space, the financing equates to approximately $1,914 per square foot. That figure is a financing metric and does not represent a property value or sale price.

The Offices at THE WELL: Property and Tenants

The Offices at THE WELL comprise 96,000 square feet of Class A office space. The building has attracted 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, both slated to open in 2027.

THE WELL Bay Harbor Islands is the first THE WELL-branded office and residential project in the United States. Beyond the office space, it includes an eight-story residential component with 65 luxury residences and more than 22,000 square feet of amenities. The development is designed as an integrated wellness-focused community combining residences, workplaces and wellness offerings.

Office amenities include 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 receive preferred access to THE WELL's onsite wellness offerings, including concierge services, health coaching and spa privileges. The residential amenity program is anchored by a wellness center and THE WELL Club, which includes a Bath House, Miami's first Caldarium and a Rejuvenating Saunarium.

Executive Comments

"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."

"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 Kurland of 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."

South Florida Office Market Context

The refinancing comes as South Florida's office market shows continued activity. The region recorded 559,095 square feet of positive net absorption in the second quarter of 2026, while vacancy declined year over year from 8.7% to 8.3%. Average asking rents reached $41.63 per square foot on a triple-net basis. A separate market analysis put South Florida vacancy at 9.2% for the year and reported more than 5.8 million square feet of leasing activity in the first half of 2026. Vacancy figures vary by data provider and methodology.

South Florida office vacancy remains below the reported national rate of 17.6%. Miami-area asking rents averaged $58.40 per square foot per year in April 2026, up 3.3% year over year. Class A office space in the Miami market was reported at approximately $90 per square foot, while Miami Central Business District asking rents reached $75.60 per square foot, up 11.8% year over year. Corporate relocations, financial-sector growth and expansions by major companies have continued to support demand.

On the supply side, the South Florida construction pipeline stands at nearly 3.9 million square feet, which could increase competition for tenants as new product delivers.

Monroe Capital and Terra's Pipeline

Monroe Capital's Real Estate Platform delivers structured debt and equity financing across all asset types and geographies. Monroe Capital, headquartered in Chicago, has operated since 2004 and specializes in private credit markets across strategies including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. The firm has 14 locations across the United States, Asia, Australia, Europe and the Middle East.

The refinancing underscores Terra's continued investment in mixed-use communities that integrate residential, wellness, hospitality and commercial uses. Terra is currently developing THE WELL Coconut Grove, a wellness-focused residential community in Miami's Coconut Grove neighborhood. Its broader portfolio includes Mary Street, a mixed-use office and retail destination also in Coconut Grove.

Sources

Monroe Capital press release: https://monroecap.com/press_release/terra-secures-183-75-million-refinancing-for-the-offices-at-the-well-bay-harbor-islands-from-monroe-capitals-real-estate-platform/