Terra Secures $184M Refinancing for THE WELL Bay Harbor Islands Office Building

• Terra secured $183.75 million in refinancing from Monroe Capital for The Offices at THE WELL Bay Harbor Islands.
• The newly completed 96,000-square-foot Class A office building is more than 90% leased, with tenants including Dwight Capital, TEB Capital Management, and Legacy Wealth Advisors. 
• The mixed-use development also includes 65 luxury residences and more than 22,000 square feet of residential amenities, with THE WELL Club and The Golden Good Market planned to open in 2027.

What Terra Refinanced In Bay Harbor Islands

Terra, led by CEO David Martin, secured $183.75 million from Monroe Capital’s Real Estate Platform to refinance The Offices at THE WELL Bay Harbor Islands, a newly completed office building at 1177 Kane Concourse.

The refinancing follows the building’s delivery in summer 2026 and leasing commitments exceeding 90%. Walker & Dunlop’s institutional advisory team, led by Keith Kurland, arranged the transaction. 

What The Office Building Offers Tenants

The Class A property combines traditional office space with wellness-focused workplace amenities, including rooftop gathering areas, community gardens, fitness programming and an elevated courtyard designed for outdoor work and socializing.

Tenants include Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors. Tom Brady Enterprises has also leased space at the development, reinforcing its appeal to financial firms, family offices and professional services businesses.

What The $183.75 Million Loan Signals

The refinancing demonstrates lenders’ willingness to finance newly delivered office assets with strong leasing commitments and differentiated amenities.

For Terra, refinancing after construction and substantial lease-up provides a financing milestone as the property moves into its operating phase. Monroe Capital’s Kyle Asher described the building as a newly completed Class A+ asset with more than 90% leasing commitments.

The wellness concept is central to the strategy. Rather than competing exclusively on conventional office features, the building integrates hospitality, fitness and wellness services into the workplace experience.

What The Mixed-Use Development Includes

THE WELL Bay Harbor Islands combines the office component with an eight-story residential building featuring 65 luxury residences and more than 22,000 square feet of amenities.

The ground floor is also expected to welcome THE WELL Club and The Golden Good Market in 2027, adding wellness services and food retail to the property. The project is designed to connect working, living and wellness within one development. 

What Terra Is Building Next

The refinancing fits Terra’s wider South Florida strategy of developing mixed-use properties that combine residential, office, retail and hospitality components.

The company is also developing THE WELL Coconut Grove, another wellness-focused residential project, while its broader portfolio includes Mary Street, a mixed-use office and retail destination in Coconut Grove.

For commercial real estate investors, the takeaway is that strong leasing can help newly delivered office properties access refinancing, even as owners continue adapting buildings to changing tenant expectations.