Terra and Fortune International Group have secured a $220 million predevelopment loan from Blackstone Real Estate Debt Strategies for their planned condominium project on the former Silver Sands Beach Resort property in Key Biscayne, Florida YIMBY reported Sunday, November 1. The financing supports work toward a new development at 301 Ocean Drive, not the purchase of a completed condominium building.
The Sunday report says Walker & Dunlop arranged the loan on behalf of the developers. Commercial Observer’s Monday coverage identifies the planned development as a 56-unit luxury condominium and says preconstruction sales are expected to launch later this year.
The new financing is separate from the $205 million the developers paid for the site in 2025. That older acquisition price should not be read as a new sale, and the $220 million loan is not a disclosed total construction budget or current valuation. The reports did not provide the loan’s interest rate, maturity or full financing structure.
David Martin, Terra’s CEO, described the financing in a statement quoted by Florida YIMBY as a step toward bringing the project to market. Fortune founder and CEO Edgardo Defortuna likewise said the partners were moving closer to launching sales. Neither statement establishes that construction is complete or that homes have been sold.
Touzet Studio and ODP are designing the project, according to Connect CRE and Florida YIMBY. The proposed development includes landscaped outdoor spaces, while plans described by Florida YIMBY incorporate stormwater-retention features and improvements to local drainage. Those features remain part of the development plan rather than operating amenities.
Walker & Dunlop’s financing team included Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella and Nicholas Gilhooley, the reports say. The disclosed loan advances predevelopment; it is not described as a completed construction financing package.
The agreement adds capital to a project the developers have been pursuing since their land acquisition. The planned sales launch is a future milestone, and the financing reports do not disclose a completed sellout or a guaranteed delivery date for buyers.
JBizNews Desk | Key Biscayne, Florida
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