New York and Miami-based Oak Row Equities, led by Erik Rutter and David Weitz, has closed on a $181M construction loan from Bank OZK for 2600 Biscayne Boulevard, a 41-story Class AAA office and multifamily tower in Miami’s Edgewater submarket.
The developer plans to break ground this spring and complete the building in 2026. The commercial space is about 50 percent preleased. The property was designed by architecture firm Arquitectonica.
The transaction is one of the largest mixed-used construction loans to close in South Florida in the past year. The property’s office and retail space is 50% pre-leased before breaking ground. A Newmark team led by Dustin Stolly arranged the financing.
Outdoor amenities at 2600 Biscayne exclusive to office tenants include a landscaped rooftop terrace, exclusive padel court, open-air seating, covered picnic areas and a fire pit. Inside, a dedicated business lounge, private meeting areas, conference rooms, and an entertainment room with a golf simulator. Each office tenant will have their own balconies and 14-foot ceilings. Multiple levels of residential amenities include a wraparound 12th-floor amenity deck with a lap pool, cold plunge, hot tub, luxurious cabanas, and BBQ grills.
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.
Oak Row paid $35 million for the 2-acre site in 2022, which is within an Opportunity Zone. 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.
