Terra and Fortune Secure $220M Predevelopment Loan for Key Biscayne Oceanfront Condos

Terra and Fortune International Group have obtained a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies (BREDS) for a planned oceanfront condominium at 301 Ocean Drive in Key Biscayne, Florida.

The site is a 4.25-acre parcel formerly home to the Silver Sands Beach Resort. The developers bought it for $205 million in 2025, which the article describes as the largest land sale in the island's history. Touzet Studio and ODP are designing the project, which calls for a boutique building with large residences facing the Atlantic, tropical-modern architecture and native landscaping.

The plans include stormwater features such as rain gardens, bioswales, drainage wells and a cistern to hold water on site. The developers also intend to upgrade local drainage and contribute to traffic and park improvements through the Village of Key Biscayne's Land Acquisition Trust. Height, floor count, unit count and total floor area have not been disclosed.

Walker & Dunlop Capital Markets Institutional Advisory arranged the financing. The loan will fund predevelopment work while the team prepares to market the project.

For developers and lenders, the key takeaway is that a large oceanfront barrier-island site is moving toward entitlement and sales, with final program details still pending.