Terra, Fortune International Land $220M for Waterfront Condo near Miami

Terra and Fortune International Group have secured a $220 million predevelopment loan for a waterfront luxury condo development on Key Biscayne near Miami, the developers announced.

Blackstone Real Estate Debt Strategies supplied the financing for the 56-unit condo project at 301 Ocean Drive, facing Biscayne Bay, on the key that’s right off of Miami’s Brickell district. The 13-story development will replace the 56-room Silver Sands Beach Resort, which was built in 1956. 

The joint venture, made up of two prominent Miami-based developers, purchased the 3.8-acre property for $205 million last year and secured approvals for the condo building, which will feature a subterranean parking garage with 221 spots. 

Sales are slated to launch later this year. Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella and Nicholas Gilhooley brokered the debt. 

The loan comes after both developers recently secured financing for other major projects in South Florida. 

Last week, Edgardo Defortuna’s Fortune International Group secured $817 million to build the  Faena-branded condominium in Downtown Miami — Florida’s largest-ever construction loan — as well as $463 million to complete the St. Regis-branded condo tower in Sunny Isles Beach. 

Terra, led by David Martin, nabbed a $507 million construction loan for a waterfront condo tower in Miami Beach before even launching sales, a rare feat in the region. 

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