Terra and Fortune International Secure $220M Loan for Key Biscayne Condo

Terra and Fortune International Group have obtained a $220 million predevelopment loan for a luxury waterfront condominium project on Key Biscayne, just off the Brickell district of Miami. Blackstone Real Estate Debt Strategies provided the financing for the 56-unit building at 301 Ocean Drive, which faces Biscayne Bay.

The 13-story tower will replace the Silver Sands Beach Resort, a 56-room property built in 1956. The joint venture bought the 3.8-acre site for $205 million last year and has already secured approvals for the building, which will include a subterranean garage with 221 parking spaces.

Walker & Dunlop brokered the debt. The loan follows several large financings for both developers in South Florida, including a $817 million construction loan for a Faena-branded condominium in Downtown Miami and a $507 million loan for a Miami Beach tower.

For developers and lenders, the deal shows continued capital appetite for pre-sale luxury condominium projects in South Florida, with sales timing set for later this year.