Maxim Capital Supplies $31M for Luxe Boutique Condo Near Miami Beach

LD&D and One Capital nabbed a $30.5 million construction for a luxury condo development in Surfside, Fla., a town just north of Miami Beach, the joint venture announced.

The financing from Maxim Capital Group covers Surf Row Residences, a 24-unit project at 8800 Collins Avenue, a block west of the beach and facing 88th Street. Construction got underway late last year, with delivery expected in 2027. 

“Surf Row Residences stood out for its strong early sales momentum, prime Surfside location and highly differentiated boutique positioning,” Jason Bordenick, portfolio manager and partner at Maxim Capital Group, said in a statement.

So far, the project has generated $23 million in presale, per a representative for the development team.

In 2021, the joint venture paid $7.3 million for the 0.6-acre parcel, which sits adjacent to where the Champlain Towers South condo building collapsed that same year. The oceanfront site of the deadly tragedy is now being redeveloped into a Zaha Hadid Architects-designed condo building after Dubai-based developer Damac Properties purchased the land for $120 million. 

Surf Row Residences will feature 6,400 square feet of amenities, including a rooftop pool deck, a spa with a sauna and a cold plunge, a gym, and coworking lounges. Prices start at $1.4 million, with One Sotheby’s International Realty leading sales. The development team has also pledged $1 million toward improvements along 88th Street.

Since the erection of the Richard Meir-designed Four Seasons Surf Club complex in 2017, Surfside has seen a rush of luxury condo development. Resales at the oceanfront property have remained strong. Just last week, billionaire Howard Schultz, the former CEO of Starbucks, paid $44 million for a penthouse.

Surf Club’s developer, Fort Partners, is building two more boutique condo developments along the beachfront strip.

The most recent Miami project from LD&D, led by brothers Diego and Alejandro Bonet, includes Wynwood Haus, a multifamily development with some workforce housing units. 

Update: The story was updated to include sales figures for the Surf Row Residences.

Julia Echikson can be reached at jechikson@commercialobserver.com.