Fort Partners Lands $45M Loan for New Condo Development in Surfside, Fla.
The development has closed $293.5 million in sales, with 11 units left to be sold
By Julia Echikson March 21, 2025 2:55 pm
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Fort Partners has nabbed a $45 million inventory loan for a new oceanfront condominium development in Surfside, Fla., as 11 units remain unsold, property records show.
The debt from Bether Capital is collateralized against three units at the luxury Seaway at the Surf Club property, according to mortgage documents. The New York-based lender provides financing through the EB-5 program, which grants residency to foreigners if they invest over $1 million in the U.S.
In October, Fort Partners completed the 34-unit condo complex at 9149 Collins Avenue, north of The Surf Club, the market-setting Four Seasons-branded hotel and condo property that Fort Partners developed in 2017, which still commands sizable resale deals today.
So far, 23 units at the Seaway at the Surf Club have sold for a combined $293.5 million, per records. In 2022, the Fort Lauderdale-based developer secured a $169 million construction loan from Bank OZK for the boutique condo development.
Seaway at the Surf Club’s financing is the second inventory loan for a high-profile project in Miami by major developers in the past few weeks. Last month, Terra and Russell Galbut secured a $103 million loan for Five Park in South Beach, despite the 48-story, 227-unit being about 90 percent sold.
Fort Partners, led by Nadim Ashi, remains active along Surfside’s coast. Since November, the firm, which owns all Four Seasons properties in South Florida, has secured construction loans worth a respective $108 million and $111 million for boutique condo projects.
Representatives for Fort Partners and Bether Capital did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
