Terra and Fortune International Group have secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies (BREDS) for a planned oceanfront condominium development at 301 Ocean Drive in Key Biscayne, Florida. The project is planned for the 4.25-acre former Silver Sands Beach Resort property, which the developers acquired for $205 million in 2025. Touzet Studio and ODP are designing the development, which will feature tropical-modern architecture, expansive residences, and landscaped outdoor spaces.
The financing was arranged by Walker & Dunlop Capital Markets Institutional Advisory on behalf of the development team. The transaction was led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, and Nicholas Gilhooley.
The $205 million acquisition in 2025 represented the largest land sale in Key Biscayne’s history. The newly secured financing will support predevelopment activities as Terra and Fortune International Group advance plans for the property. Preconstruction sales are expected to launch before the end of 2026…