Terra, Fortune Land $220M for Miami-Area Luxury Condo Project
The financing backs the planned redevelopment of a former vintage resort.
Terra Group and Fortune International Group have secured a $220 million predevelopment loan for an ultra-luxury boutique condominium project in Miami’s Key Biscayne, Fla. Blackstone Real Estate Debt Strategies provided the financing in a deal arranged by Walker & Dunlop.
The development will rise on the former 4-acre site of Silver Sands Beach Resort. Terra and Fortune had purchased it in 2025 for $205 million, the largest land acquisition closed in Key Biscayne’s history. The 1956-built vintage property has since been demolished.
The duo had already secured approval for the property’s redevelopment in late 2024, according to The Real Deal. The project team includes Touzet Studio, ODP Architecture and Design and Raymond Jungles. Preconstruction sales are scheduled to launch later in 2026.
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Plans call for a 56-unit, 14-story building to be surrounded by lush native landscaping. The development will rise at 301 Ocean Drive in an area with multiple beaches, natural areas and water sports options. Miami downtown is 9 miles away, while its international airport is 15 miles northwest.
The condo property will comprise three-bedroom residences ranging from 3,354 to 8,086 square feet, with prices starting at $4 million. Amenities are set to include two resort-style swimming pools, a fine dining restaurant, a fitness center, a spa center and social spaces, among others.
The property will feature resiliency and sustainability components. Plans call for rain gardens, drainage wells and a cistern built to retain stormwater. Terra and Fortune will also invest in upgrading the local drainage infrastructure, while contributing toward traffic circulation upgrades and community parks through the Village’s Land Acquisition Trust.
Walker & Dunlop Senior Managing Directors Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly and Sean Reimer, together with Managing Director Jordan Casella, and Capital Markets Analyst Nicholas Gilhooley arranged the financing on behalf of the developers.
Terra and Fortune add to Miami’s luxury pipeline
Terra and Fortune have been actively adding to Miami metro’s area condo and multifamily sector, their recent condominium projects attracting notable lender interest.
Last week, Fortune, in partnership with KAR Properties, secured the largest condominium construction loan ever recorded in Florida. The duo obtained an $817 million note for Faena Residences Miami, a 406-unit condo development.
That deal came on the heels of a $463 million refinancing loan for St. Regis Residences, a project developed by Fortune in Sunny Isles Beach, Fla. The note will replace existing debt and will fund the completion the two-tower property.
In early October, a joint venture led by Terra landed $507 million in construction financing for a luxury waterfront project in Miami Beach, Fla. That development will replace a 1964-built condo building.
And in September, Terra secured a $245 million loan for the multifamily component of Upland Park, a $1 billion mixed-use, transit-oriented project. The note is financing the first phase of the larger district.
