Fort Partners Lands $111M for Next Surfside Condo Project
By Julia Echikson November 12, 2024 2:43 pm
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Fort Partners has secured a $110.7 million construction loan for its next luxury oceanfront condo project in Surfside, Fla., building on the success of the nearby Surf Club complex.
The debt covers Surf House, an 11-story project with 17 condo units designed by Kobi Karp at 8995 Collins Avenue, according to the Business Journals. Lenders include Athene Annuity and Life Company, Fox Hedge Intermediate B, and EOS Luxembourg.
In April, the Fort Lauderdale-based developer paid $60 million for the half-acre lot.
Surf House marks Fort Partners’ third development in Surfside, a town just north of Miami Beach.
In 2017, the firm completed Surf Club, a market-setting complex that includes a 77-room Four Seasons Hotel and 150 condo units. The property also houses a Michelin-starred restaurant helmed by world-renowned chef Thomas Keller.
The Surf House’s construction loan comes just a month after Fort Partners closed on purchase agreements for another Surfside condo project, the Seaway at the Surf Club. So far, the 34-unit complex has sold 13 condos for $180 million in total. The two-building project secured a $169 million construction loan two years ago.
Fort Partners, led by Nadim Ashi, owns all the properties in South Florida operating under the Four Seasons brand, which include hotels in Palm Beach and Brickell as well as condo and resort property in Fort Lauderdale. A Four Season condo project is underway in Miami’s Coconut Grove neighborhood.
Representatives for Fort Partners did not respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
