Terra Lands $183.75M Monroe Refi on Bay Harbor Islands Offices

Miami developer Terra secured $183.75 million from Monroe Capital’s Real Estate Platform to refinance The Offices at THE WELL in Bay Harbor Islands, according to a Business Wire release issued October 14. The 96,000-square-foot Class A building was completed in summer 2026 and is more than 90% leased.

Why it matters

A stabilized office building in a wellness-branded mixed-use project is drawing private-credit money, and the lender is a direct-lending platform rather than a bank. Walker & Dunlop’s institutional advisory team, led by Keith Kurland, advised Terra.

The release does not say which loan is being paid off. In November 2025, Terra announced a $238 million refinancing of THE WELL Bay Harbor Islands from Eldridge Real Estate Credit and Hudson Bay, as reported by Resident. That financing covered the condominium and about 102,000 square feet of office space. How the two loans relate has not been disclosed, and we are not asserting a link.

The numbers

• Loan: $183.75 million from Monroe Capital’s Real Estate Platform.
• Building: 96,000 square feet of Class A office, over 90% leased.
• Implied debt: about $1,914 per square foot, our calculation from the release figures.
• Named tenants: Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors.

The release gives no rate, term, or street address, so the debt-per-foot figure is the only pricing signal available today.

What’s next

The ground-floor Golden Good Market and THE WELL Club are slated to open in 2027, per Terra. We have flagged the Miami-Dade clerk’s records for the recorded mortgage and any satisfaction of the earlier loan, which would show what was repaid. Terra’s other South Florida work is covered in the South Florida hub.