Oak Row Equities secured a $181 million construction loan for a planned mixed-use apartment and office project in Miami’s Edgewater neighborhood.
The financing, from Bank OZK, adds to the more than $2 billion in construction loans that have closed in recent months in South Florida, despite the challenging lending environment.
New York and Miami-based Oak Row, led by Erik Rutter and David Weitz, plans a 41-story tower with 399 luxury apartments and 187,000 square feet of commercial space at 2600 Biscayne Boulevard. A Newmark team led by Dustin Stolly and Jordan Roeschlaub arranged the financing for construction of the Edgewater tower, according to a press release.
The developer plans to break ground this spring and complete the building in 2026, according to a spokesperson. The commercial space is about 50 percent preleased.
Oak Row paid $35 million for the 2-acre site in 2022, which is within an Opportunity Zone.
Bernardo Fort-Brescia’s Arquitectonica is the project architect. The office space will be on the first 11 floors and office tenants will have their own balconies, 14-foot ceilings and amenities that include a rooftop terrace, a padel court, yoga deck and an entertainment room with a golf simulator.
The apartments will be on the higher floors. Residential amenities are expected to include an amenity deck on the 12th floor with a lap pool, cold plunge pool, hot tub and cabanas; and a co-working lounge and rooftop deck on the 41st floor.
The building will have more than 600 parking spaces.
More than 6,000 residential units are in the pipeline in Edgewater, a bayfront neighborhood north of downtown Miami. Oak Row and developer Alex Karakhanian’s Lndmrk Development also plan a 38-story, 324-unit apartment tower on the northeast corner of Northeast 29th Street and Northeast Fourth Avenue.
West of Edgewater, Oak Row is building The Wynwood Plaza with its partner L&L Holding Company. The developers are financing construction of the 1 million-square-foot mixed-use project with a $215 million loan also from Bank OZK that they secured last year.
Bank OZK is the most active construction lender in South Florida, providing the biggest loans in recent months to condo and multifamily developers.
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