Oak Row Lands $181M Construction Loan for Miami Tower
The mixed use tower is 50% pre-leased prior to breaking ground.
Oak Row Equities has closed on a $181 million construction loan from Bank OZK for a mixed-use office, multifamily and retail tower it is developing in Miami’s Edgewater neighborhood.
Newmark’s Dustin Stolly and Jordan Roeschlaub, Chris Kramer and Daniel Matz arranged the financing, which Oak Row says is one of the largest loans secured for a mixed-use development in the region for the past year. The office and retail components of the tower, located at 2600 Biscayne, have been 50% pre-leased prior to breaking ground, which Oak Row claims is another record.
Oak Row acquired the land at 2600 Biscayne in an off-market transaction along with additional density from an adjacent site. The project sits on an entire city block and is located within an opportunity zone. It is also one block from the planned Northeast Corridor rail stop.
2600 Biscayne will feature 187,000 square feet of office and retail space and 399 luxury apartments.
Oak Row Equities is also developing The Wynwood Plaza, a one-million-square-foot mixed-use campus at 95 NW 29th Street in Miami’s Wynwood Arts District, with L&L Holding Company.