Terra Lands $238M Refi for Miami Mixed-Use Development Before Delivery
By Julia Echikson November 5, 2025 12:20 pm
reprints
Terra secured $238 million to refinance a mixed-use development still under construction in Bay Harbour Island, Fla., where football legend Tom Brady will be opening an office, the Miami-based developer announced.
The financing from Todd Boehly’s Eldridge Capital Management and Hudson Bay covers The Well, a luxury development with an eight-story, 66-unit condo building and a four-story building with 102,000 square feet of office space at 1160 Kane Concourse, near Bal Harbour and Indian Creek Island, where billionaires Jeff Bezos and Carl Icahn reside.
The wellness-focused project, designed by Arquitectonica and Meyer Davis, will also house 22,000 square feet of amenities, including saunas, steam rooms and a gym.
The condo component is slated to receive its temporary certificate of occupancy by the end of the year. The office component is expected to follow in 2026, which is 80 percent pre-leased to firms that include Brady’s family office, lender Dwight Capital, Legacy Wealth Advisors, and NewCo Capital Group.
“With office leasing exceeding expectations and residential sales continuing at a strong pace, we’re approaching completion with momentum and confidence in the long-term value this project will bring to the community,” David Martin, CEO of Terra, said in a statement.
The developer purchased the 1.8-acre parcel for $31.6 million in 2021, according to property records. The following year, Mack Real Estate Credit Strategies provided a $141 million construction loan. Walker & Dunlop’s Keith Kurland and Jordan Casella brokered the recent refinancing debt.
Bay Harbour Islands, a wealthy town located around Bal Harbour and Indian Creek Island, is set to receive another boutique, luxury office building. Last year, Landau Properties and Taubco nabbed $74 million to build a 126,000-square-foot office project.
A spokesperson for Eldridge Capital Management declined to comment, while a representative for Hudson Bay did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
