Terra and Fortune land $220M debt for Key Biscayne condos
Developers secured $220 million for an oceanfront condo project.
The short version
- The 56-unit luxury building sits on Key Biscayne.
- Blackstone Real Estate Debt Strategies provided the massive loan.
- Pre-construction sales are expected to launch this year.
Terra and Fortune International Group just pulled in a $220 million pre-development loan for a new oceanfront condo project in South Florida, according to a news release. Coconut Grove-based Terra, led by David Martin, and Brickell-based Fortune International, led by Edgardo Defortuna, secured the debt for their planned 56-unit building on the former Silver Sands Beach Resort site at 301 Ocean Drive in Key Biscayne.
Blackstone Real Estate Debt Strategies, the investment arm of New York-based private equity giant Blackstone, served as the lender for the deal. Keith Kurland and Aaron Appel arranged the financing through Walker & Dunlop Capital Markets Institutional Advisory, a team from the Bethesda-based commercial real estate finance firm.
The developers previously bought the 4.25-acre oceanfront site last year for $205 million, setting a land sales record for Key Biscayne. The new luxury project cleared local zoning approvals in 2024, and pre-construction sales are slated to launch later this year. Touzet Studio and ODP are the project architects.
The massive loan rounds out a streak of jumbo financing deals across South Florida, following a record $817 million construction loan for the Faena Residences Miami and a $463 million package for the St. Regis Residences in Sunny Isles Beach. For local builders, the huge capital flow shows big lenders are still writing giant checks for prime oceanfront land despite high interest rates.
